The local business leaders and traders called for the Free Trade Agreement (FTA) to take bilateral trade between Pakistan and Kazakhstan up to the level of $1 billion.
President FPCCI, Irfan Iqbal Sheikh told that After the FTA, there is huge potential to take bilateral trade to $1 billion on both sides, in which the role of the business community is vital.
He said that the joint trade potential of Pakistan and Kazakhstan was very important in regional trade as Kazakhstan was the largest economy in Central Asian Republics.
Irfan Iqbal Sheikh said that at the end of 2022, mutual trade between Pakistan and Kazakhstan was $195 million, which was much less than its potential.
He said that recently direct flights have been started between the two major cities of Lahore and Almaty, which will benefit the business communities of both sides.
Meanwhile, President, Faisal Chamber of Commerce, Dr. Khurram Tariq said that recently Kazakhstani businessmen and various Kazakh brands have visited Faisalabad Chamber of Commerce and Industry and important negotiations were held on both sides.
He said that since Faisalabad is the textile city of Pakistan, the business communities of both the countries can benefit from each other’s experiences on textile trade from here.
Kazakhstan is Pakistan’s non-traditional trade partner and the main export basket consists of cereals, edible fruits and nuts, pharmaceutical, surgical, and leather products.
While Pakistan’s imports consist of inorganic chemicals, raw hides, iron and steel, and man-made filament, Keeping in view the Socio-economic structure.
Pakistan needs to initiate PTA negotiation in the medium term with FTA in its long-term strategy for CARs. For fruits and vegetables and other perishable items, cold storage cargo is not available to Pakistani exporters.
Besides this, now direct cargo flights are available between the two countries that can facilitate medicament’s and other perishable items.
Payment challenges need to be considered by the State Bank of Pakistan by opening Pakistani banks and establishing strong linkages with local Kazaks banks for exporter facilitation.
