Lahore, March 17, 2014 (PPI-OT): Nepal-Pakistan Bilateral Trade Agreement (BTA) provides MFN treatment to both sides as it aims at promoting trade and investment in areas of mutual benefit therefore the businessmen in the two countries should avail with huge opportunity to enhance volume of two-way trade. This was stated by Napalese Ambassador Bharat Raj Paudyal while addressing the business community here at the Lahore Chamber of Commerce and Industry on Monday.
The LCCI President Engineer Sohail Lashari presented address of welcome while Senior Vice President Mian Tariq Misbah, Vice President Kashif Anwar, former Senior Vice President Sheikh Muhammad Arshad, Executive Committee Members Talha Tayyab Butt, Raja Hamid Riaz, former EC members Rehmatullah Javed and Chairman PAMCO Mumtaz Khan Manais also spoke on the occasion.
The Ambassador said that there exists solid institutional and legal framework in the two countries to facilitate the business community therefore they should join hands in the areas of common interest.
He said that Nepal-Pakistan Joint Economic Commission (JEC) at the level of Finance Ministers is a useful forum for the promotion of economic collaboration.
He said that the JEC that was revived a few months ago had opened up avenues of trade exchanges. In addition, he said, as members to South Asian Free Trade Agreement (SAFTA) both the countries have the potential to increase trade under regional framework. The Ambassador and the LCCI President agreed to expedite the process of dissemination of trade-related information through chambers of commerce in their respective counties in the larger interests of the two economies.
The Napalese Ambassador urged the LCCI President to bring a delegation of Lahore Chamber of Commerce and Industry to Nepal for having hand knowledge about the economic opportunities in Nepal as frequent visits are a way to expand business ties. He said that there is a huge potential in Nepal for the foreign investors while citing the example of pharma industry.
He said that Nepal is ready to make special bilateral trading arrangements with Pakistan for the sake of economic well being of both the countries as Nepalese businessmen feel quite comfortable while dealing with their Pakistani counterparts. He said that fast changing global scenario demands from the business people to break the barriers and join hands for a better future of the respective people.
He said that at present the mutual trade ties between Pakistan and Nepal are negligible and the state of affairs asks for an increased frequency of reciprocal visits by the Pakistani and Nepalese business community. Speaking on the occasion, the LCCI President Engineer Sohail Lashari said that like other parts of the world, new business alliances are fast getting shape in this region for the sake of trade promotion. He said Pakistan is an important player in South Asia therefore special emphasis should be put on economic cooperation between the two countries.
The LCCI President said that the main reason for not using the existing opportunities is lack of knowledge about each other and there is a need to work together in order to identify possible fields of cooperation and to provide proper information to the business communities of both the sides.
He said that macroeconomic stabilization and rapid economic development have turned Pakistan into one of the most attractive locations in the world and it is high time for the foreign investors to avail this opportunity to the maximum. Apart from Chamber to Chamber linkages, equally important is the role of respective governments, he added.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854