The first meeting of Bangladesh-Pakistan Joint Business Council (JBC) was held at the Federation Bhaban in the city recently.
Mentioning the immense trade potential of both Pakistan and Bangladesh, the foreign affairs adviser stated their bilateral trade was still limited and urged the Pakistani businessmen to invest in Bangladesh for enhancing the bilateral trade between the two countries.
The Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) President pointed out that despite Pakistan's allowing duty free access of up to 15,000 tones of tea and unlimited quantity of raw jute from Bangladesh annually, they face huge trade deficit with Pakistan.
If both countries work seriously with the proper roadmap the target of US $1 billion trade was possible.
He urged to his Pakistani counterpart for giving special treatment to Bangladesh as a Least Developed Country (LDC) and concessionary rules of origin for export of Bangladeshi products to Pakistan.
He emphasized on translating the wishes and feelings into action.
Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President stated, in order to enhance economic relations, they need to compliment each other's economies, promote commercial activities.
Both sides approved to strengthen cooperation in the areas of information and communication technology, agriculture and service sector.
It was decided to form a committee for the settlement of trade disputes, which would set up procedures for dispute settlement mechanism at an early date.
The Pakistani side assured enhanced efforts for both sourcing diversified products and trade promotion.
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