Pakistan has proposed to sign a Preferential Trade Agreement (PTA) with Egypt in order to increase trade volume from $400 million to $4 billion.
The moment has come, according to caretaker federal minister for commerce and industries Dr. Gohar Ejaz, for both parties to expand trade and sign free trade agreements (FTAs), which Pakistan has previously done with a number of nations.
“Our goal is to contribute to the wider objectives of economic growth and cooperation by facilitating investment and opening up markets,” he stated.
In Cairo, Pakistan showcased its top 100 businesses across 12 industries for export to Mena nations as part of the minister-led delegation’s Look Africa Mission to increase exports from the nation.
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According to the minister, Pakistan is endowed with a wealth of resources, including mineral deposits, arable land, and strikingly diverse scenery. Pakistan has a sizable consumer market, with a GDP of USD 374 billion and a population of about 241 million.
Pakistan presents potential as a regional hub and a sizable market for commerce and investment due to its advantageous location at the confluence of South Asia, Central Asia, and West Asia, as well as its proximity to Gulf nations.
Dr. Ejaz continued, “Pakistan produces a wide range of agricultural products and manufactures a diverse range of industrial goods by leveraging its substantial workforce and resource base.” Pakistan’s exports reached approximately USD 30 billion in the fiscal year 2022–2023, with textiles being the most popular product. However, non-traditional industries, including engineering goods and medicines also performed exceptionally well.
At the Egypt International Exhibition Center in New Cairo, Egypt, over 110 Pakistani businesses aiming to export to Egypt and the MENA area displayed their goods.
The best exporting businesses in Pakistan showcased their goods and innovations and are seeking to establish new alliances and commercial connections with firms that may represent their goods in Egypt and the Middle East and North Africa region.
Speaking with Ahmed Samir, the Egyptian Minister of Commerce and Chief Guest of the 4th Pakistan-Africa Trade Development Conference (PATDC) & Single Country Exhibition (SCE), Dr. Ejaz had conversations. The discussions centered on promoting cooperation in important industries, including as services, engineering, textiles, and agriculture.
Both sides acknowledged that growing trade and economic relations between Egypt and Pakistan might be advantageous to both. The gathering, which brought together corporate and policy leaders from many nations, promoted the confluence of different viewpoints and ideas, fostering an environment that was stimulating and conducive to deep conversations.
In order to promote commercial relations and investigate business potential between Pakistan and Egypt, this event provides an essential forum. The talks emphasized how committed both countries are to strengthening their economic ties and utilizing one another’s advantages in strategic areas.
Dr. Gohar Ejaz restated Pakistan’s resolve to open up Pakistani markets to the Middle East and North Africa (MENA) area. The goal is to achieve this by fostering economic relations with the economies of the Middle East and North Africa (MENA). Potential areas of cooperation include agriculture, textiles, engineering, and services.
This pledge emphasizes Pakistan’s goal of realizing its economic and trade potential and fits in perfectly with the Look Africa agenda. The emphasis is on opening up markets and promoting investments in order to support the more general objectives of cooperation and economic progress.
In addition to providing a forum for bilateral talks, the 4th PATDC & SCE acts as a catalyst for the sharing of concepts and tactics aimed at strengthening economic ties. The occasion lays the groundwork for future cooperation, opening the door to greater cooperation and prosperity for everybody.
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