Pakistan, Philippines sign MoU to boost trade

KARACHI - Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Philippines Chamber of Commerce and Industry (PCCI) on Thursday signed a memorandum of understanding (MoU) in Manila for the formation of Pakistan and Philippines Business Council.

According to an FPCCI release issued here, FPCCI President, Zakaria Usman, who is leading FPCCI trade delegation to the Philippine's capital Manila, inked the MoU at a signing ceremony there. It was witnessed by members of FPCCI trade delegation including its Vice President Mian Mahmood Ahmad, FPCCI Sub-Committee on Industrialisation Chairman Muhammad Amin Khatri, the Philippines ambassador to Pakistan, the head of commercial section of Philippines for South Asia and other members of PCCI.

Zakaria Usman said that the formation of Pakistan-Philippines Joint Business Council is the accomplishment of a long desire of the business community of both the countries. President FPCCI and his Filipino counterpart expressed their satisfaction that the joint business council between both the countries will contribute to increasing the bilateral trade and open new avenues for joint ventures in various sectors.

In the meeting with the PCCI, the FPCCI president highlighted the investment potential and incentives of Pakistan for the foreign companies. He underscored the geographical advantages Pakistan enjoys for being the gateway to Central Asian Republics (CARs) and the Middle East.

In a discussion with Philippines trade bodies, Zakaria Usman said that Pakistan attached a great importance to enhance its relationship with Philippines as an important country of Association of Southeast Asia Nations (ASEAN) regional block and stressed to further accelerate economic and trade relations among all the ASEAN countries. ''The current level of bilateral trade is low against the huge trade potential in Philippines and Pakistan,'' he said.

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