Sign in Subscribe
Trade agreements

Egypt Proposes Preferential Trade Agreement with Pakistan

Strategic Insights

— 1 min read

Egyptian Ambassador to Pakistan, Dr. Ihab Mohamed Abdelhamid Hassa, has initiated a proposal for a Preferential Trade Agreement (PTA) between Pakistan and Egypt, aiming to boost bilateral trade and strengthen economic ties between the two nations. The suggestion was made during a meeting with Rana Ihsaan Afzal Khan, Coordinator to the Prime Minister on Commerce, to explore avenues for increasing trade. Despite Egypt and Pakistan being among the largest contributors to the global Muslim population, their trade volume remains modest, prompting the need for enhanced economic cooperation.

Key Takeaways:

  • Dr. Ihab Mohamed Abdelhamid Hassa proposed the establishment of a Preferential Trade Agreement (PTA) between Pakistan and Egypt to boost bilateral trade and strengthen economic ties.
  • The Egyptian envoy expressed concern over the modest trade volume between the two nations, highlighting the need for deepening economic cooperation.
  • Dr. Hassa recommended the signing of a Memorandum of Understanding (MoU) between the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and its Egyptian counterpart.
  • The proposed Egypt-Pakistan Business Council aims to enhance trade in key sectors such as spices, pharmaceuticals, surgical instruments, and food products.
  • Ministry of Commerce of Pakistan reaffirmed its commitment to strengthening trade partnerships and creating a favorable environment for exporters and investors involved in Pakistan-Egypt trade.
  • Dr. Hassa has engaged with several heads of chambers of commerce across Pakistan to identify potential areas for collaboration.

Statistics:

  • No specific trade volume figures were mentioned in the press release.
  • Key sectors for enhanced trade include spices, pharmaceuticals, surgical instruments, and food products.
  • The proposed Egypt-Pakistan Business Council aims to boost trade in these sectors.
  • The Ministry of Commerce of Pakistan has reaffirmed its commitment to creating a favorable environment for exporters and investors involved in Pakistan-Egypt trade.

Sources:

  • "Egypt's Ambassador to Pakistan Proposes Preferential Trade Agreement." (No specific date mentioned)

Read more