Pakistan Seeks 900% Increase in Trade with Egypt

Pakistan has offered to ink a Preferential Trade Agreement (PTA) with Egypt to boost trade volume to $4 billion against the current $400 million. Addressing a joint press conference caretaker federal minister for Commerce and Industries Dr. Gohar Ejaz said that it is the right time for both sides to increase trade and sign PTA, which Pakistan has already with several countries. “Our focus is on facilitating investment and making markets more accessible, contributing to the broader goals of economic growth and cooperation,” he said. Pakistan presented its 100 top companies in 12 sectors for export to Mena countries in Cairo as the minister-led delegation is on the Look Africa Mission to boost the country’s exports. The minister said that Pakistan is blessed with an abundant array of resources, spanning from mineral reserves to fertile lands and remarkably varied landscapes. With a population exceeding 241 million and a GDP of USD 374 billion, Pakistan presents a sizeable consumer market. Situated strategically at the intersection of South Asia, Central Asia, and West Asia, and near Gulf countries, Pakistan holds promise as a regional hub and a significant market for trade and investment. Dr.Ejaz further said that by leveraging its substantial workforce and resource base, Pakistan not only produces a wide array of agricultural products but also manufactures a diverse range of industrial goods. In the fiscal year 2022-23, Pakistan’s exports amounted to around USD 30 billion, with textiles leading the way, while non-traditional sectors such as pharmaceuticals and engineering goods demonstrated impressive performance. More than 110 companies from Pakistan looking to export to Egypt and MENA region countries showcased their products at the Egypt International Exhibition Center, New Cairo, Egypt. Pakistan’s finest exporting companies displayed their products and innovations and are looking to forge new partnerships and business relationships with companies who can represent their products across Egypt and MENA countries. Dr. Ejaz held discussions with Ahmed Samir, the Minister of Commerce of Egypt and Chief Guest of the 4th Pakistan-Africa Trade Development Conference (PATDC) & Single Country Exhibition (SCE). The talks focused on fostering collaboration in key sectors, including agriculture, textiles, engineering, and services. Both parties recognized the mutual benefits that can arise from expanding economic and trade ties between Pakistan and Egypt. The meeting, held in the presence of policymakers and business leaders from various countries, facilitated a convergence of diverse ideas and opinions, creating an enriching environment for meaningful discussions. This event serves as a crucial platform aimed at fostering economic ties and exploring investment opportunities between Pakistan and Egypt. The discussions underscored the commitment of both nations to deepening economic cooperation and leveraging each other’s strengths in key sectors. Dr. Gohar Ejaz reiterated Pakistan’s commitment to making Pakistani markets accessible to the MENA region. The focus is on achieving this goal by strengthening economic ties with MENA economies, with discussions centered around the potential for collaboration in agriculture, textiles, engineering, and services. This commitment aligns seamlessly with the Look Africa policy, emphasizing Pakistan’s objective to unlock its economic and trade potential. The focus is on facilitating investments and making markets more accessible, contributing to the broader goals of economic growth and cooperation. The 4th PATDC & SCE not only serves as a platform for bilateral discussions but also as a catalyst for the exchange of ideas and strategies to enhance economic ties. The event sets the stage for further collaboration, paving the way for increased cooperation and mutual prosperity.