Pakistan and Bangladesh are preparing to strengthen their bilateral relations across various sectors, including trade and defense production, as well as the signing of a Bilateral Investment Treaty (BIT), according to sources cited by Business Recorder.
The upcoming meeting of the Pakistan-Bangladesh Joint Economic Commission (JEC) will focus on these initiatives, especially in light of recent political changes in Bangladesh. The Ministry of Foreign Affairs (MoFA) is coordinating with relevant ministries to finalize the agenda for this meeting, which will take place soon.
Key topics for discussion at the JEC will include an overview of bilateral trade and strategies for improvement, Bangladesh’s request for duty-free access for 10 product categories covering a total of 104 products, negotiations for a bilateral Free Trade Agreement (FTA), trade diversification, the Bilateral Investment Treaty (BIT), technical cooperation in the textile industry, collaboration between the small and medium-sized enterprise (SME) sectors, reactivation of the Joint Business Council, and regular exchange of trade delegations. Additionally, the agenda will address a joint venture between OGDCL and Bangladeshi counterparts, as well as a potential Memorandum of Understanding (MoU) between Pakistan Petroleum Limited (PPL) and Bangladeshi companies for joint exploration in hydrocarbons and minerals, along with opportunities in the natural gas and crude oil sectors.
Sources indicate that the Pakistani High Commissioner in Dhaka has noted a strong goodwill towards Pakistan from the current Bangladeshi government. There is a positive sentiment towards Pakistan among various political parties, highlighting the urgency of convening the JEC.
The High Commissioner has also met with Bangladesh’s commerce advisor and secretary, who are currently coordinating specific dates and the agenda for the JEC, expected to be held in Dhaka in late December or early January.
Discussions from an inter-ministerial meeting revealed that reactivating the Joint Business Council was a key point. The High Commissioner has been tasked with meeting relevant officials in Dhaka to gather data on import industries and potential areas for collaboration. This data will be shared with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), which is preparing a detailed presentation on Pakistan’s export strategy, focusing on sectors like food, IT, and textiles.
The Pakistani mission has also submitted recommendations to Islamabad regarding the reactivation of the Joint Business Council. An MoU is set to be signed between the Trade Development Authority of Pakistan (TDAP) and Bangladesh’s Export Promotion Bureau (EPB) during the JEC. The Ministry of Science and Technology has provided a draft MoU on standards and testing to the MoFA for renewal.