ISLAMABAD: Pakistan and Bahrain have supported the conclusion of Free Trade Agreement (FTA) between Pakistan and Gulf Cooperation Council (GCC). The GCC countries comprise Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).
This unanimity of views was observed in meetings of the visiting Bahraini delegation with Pakistani leadership, including Prime Minister Nawaz Sharif and Minister for Commerce Khurram Dastgir Khan here. The Bahraini delegation is here to participate in the second Pak-Bahrain Business Opportunities Conference.
In 2015-16, bilateral trade between Pakistan and Bahrain was $143.10 million including $66.47 million exports from Pakistan and $ 76.63 million imports from Bahrain. The two apex chambers (BCCI and FPCCI) need to devise a short-term road map for enhancement of trade between the two countries, sources said.
“Through Pakistan-GCC FTA, Pakistan is keen to develop special economic zones for investors from all the GCC states, especially KSA and the UAE. Pakistan also hopes that Qatar Investment Authority (QIA) would invest in various sectors of Pakistan,” sources at the Ministry of Commerce told Customs Today.
“The GCC leadership is of the view that food security is an emerging socio-economic issue in all the GCC states which needs to be addressed to by having a Free Trade Agreement with Pakistan. Pakistan’s agriculture sector has the potential to cater to the food requirements of the GCC region, which spends over $200 billion on farm imports,” the sources maintained.
The sources said that joint ventures in halal food and agriculture could be established in order to promote the Pakistani food items in the GCC countries and to export them to third countries after processing/ packaging. It would provide better market access for Pakistani products in countries with which Gulf States have Free or Preferential Trade Agreements.
Therefore, the sources suggested that Pakistan in cooperation with China and Turkey should use diplomatic clout to engage Gulf states and in establishing a new arrangement in the region that protects the interests of all key players and removes the existing tensions between Gulf states and Iran.
In the meantime, visiting Bahraini delegation led by Minister for Industries, Commerce and Tourism, Kingdom of Bahrain Zayed R. Alzayani and business delegation led by Chairman, Bahrain Chamber of Commerce and Industries (BCCI) Khalid Almoayed with Prime Minister Nawaz Sharif, appreciated the Pakistan’s policy of welcoming foreign investment and expressed keenness in playing an active role in expanding the volume of trade between both countries.
The Bahraini delegates expressed keen interest to take part in Pakistan’s emerging economy and highlighted their interest in further expanding exports from Pakistan for Gulf counties.
The Bahrain Chamber of Commerce & Industries’ delegation thanked the Prime Minister for his warm welcome to Pakistan and expressed the hope to further strengthen trade ties with Pakistan.
In a separate meeting with Bahraini delegation Commerce Minister Khurram Dastgir Khan directed the officials of commerce ministry to send the text of Framework Agreement to GCC immediately. Zayed R. Alzayani stressed on making the Strategic Committee functional and invited Pakistan to hold food and cultural festivals in Bahrain.
The Business delegation of Bahrain comprised Khalid Al Zayani, Vice Chairman BCCI, Sheikh Mohamad Bin Isaac, Senior Member BCCI, Muhammad Sajid, Executive Board Member BCCI, Muhammad Usman, Chairman Joint Council BCCI, Ahmed Bin Hindi, Executive Board Member, Ali Ahmed Bufarson, Member Parliament, Ahmed Al Saloom, Chairman SME Council, Ferial Nas, Chairwoman of Business Council, Suhair Bokhammas, Member BCCI and others.
