LAHORE: Australian High Commissioner to Pakistan Timothy Kane has expressed hope that the Pakistan-Australia Bilateral Investment Treaty will be updated by December, saying the revised pact could encourage greater Australian investment in Pakistan.
Speaking at the Lahore Chamber of Commerce & Industry (LCCI), he said the existing treaty dates back to 1998 and needs to be revised to reflect the changing economic needs of both countries.
He said its finalisation would send a positive signal to Australian investors.
LCCI President Faheem Ur Rehman Saigol called for stronger economic engagement, noting that bilateral trade in goods fell from $973 million in 2024-25 to $672 million in 2025-26.
Pakistan’s exports to Australia declined from $285 million to $275 million, while imports dropped from $688 million to $397 million.
Saigol urged both sides to revive the Pakistan-Australia Joint Trade Committee, which last met in March 2023, and proposed increasing bilateral trade to $3 billion.
He also called for negotiations on a preferential trade arrangement, saying Pakistani exporters face higher barriers than competitors with duty-free access to Australia.
He identified textiles, rice, surgical instruments, sports goods, engineering products, leather, food products, furniture, carpets and mineral products as areas with export potential. Mining, agriculture, education, IT, artificial intelligence and cybersecurity were also highlighted as promising sectors for cooperation.
Kane said Australia wanted to see more Pakistani exports and investment in its market, while identifying mining, agriculture, livestock, education, pharmaceuticals and biotechnology as key areas for deeper cooperation.
He said Australian agricultural trade with Pakistan was worth nearly A$1 billion last year, while the Australian Centre for International Agricultural Research had invested almost $100 million in agricultural research and innovation in Pakistan over more than four decades.
Kane said more than 100,000 Australian cattle had been exported to Pakistan and highlighted opportunities to improve dairy production through Australian cattle genetics.
He also said Australia was ready to support Pakistan in areas including water management, climate-resilient crops and biosecurity.
The High Commissioner said around 145,000 Pakistanis now live in Australia and remittances from the country exceeded $1 billion last year.
He added that Australia had no immediate plans for a Free Trade Agreement but remained committed to strengthening bilateral economic ties.
