LAHORE – Pakistan-Belarus Joint Ministerial Commission opened its two-day second session here on Tuesday to discuss ways and means to further enhance bilateral trade volume and improve economic cooperation.
The meeting was co-chaired by Federal Minister for Commerce Engineer Khurram Dastgir Khan and Belarusian Minister for Industry Vitaly Vovk and attended by Belarus ambassador, consular, head of South Asia Affairs Section, Economic Affair Division Secretary Tariq Bajwa and other relevant authorities from both the sides.
The meeting adopted the agenda comprising trade and investment, industry, agriculture, energy, heath, education, inter-regional cooperation, sports, culture, banking sector cooperation, and barter mechanism. In his opening statement, Dastgir welcomed the Belarus delegation and said that Pakistan greatly values the warm and long-standing relations with Belarus, and committed to further enhancing these bilateral relations.
He said political and economic relations between Pakistan and Belarus had witnessed a boost during the last two years, particularly in 2015 following three high-level exchanges between the two countries, as about 68 memorandums and agreements were signed during these visits. He said that Pakistan and Belarus had tremendous scope to improve trade and economic relations in various sectors, asserting that trade worked as a catalyst in improving political and economic relation between countries, but presently the bilateral trade was much below the potential of both countries.
The true potential could only be harnessed by bringing diversification in bilateral trade, adding value to our products, establishing complementarities and creating enabling environments for business, and formation and activation of Joint Business Council (JBC). Dastgir stressed the need for JMC’s discussion on finding ways and means for removal of tariff and non-tariff barriers as well as working on the proposal of opening of both countries’ bank branches on mutual basis for facilitating the business transactions.
He said that Pakistan was seeking to establish a preferential trade regime with Belarus through a Free Trade Agreement with the Eurasian Economic Union (EEU), and urged the Belarus Minister of Industry to garner support amongst the member countries for an FTA with EEU. Dastgir said that Pakistan was committed to offering a secure and enabling environment to the investors in all sectors of the economy, adding that there were ample opportunities for investors with 100 percent equity or joint ventures in various fields.
He urged Belarus to give serious conside ration to draft Bilateral Investment Treaty (BIT) shared by Pakistan’s Board of Investment (BoI) in September 2015, as it could pave the way for promotion and protection of investments and the consequent economic development between the two countries.
The minister said, “We are particularly looking for export of heavy engineering goods, surgical instruments and consumer durable goods being produced here under licensing arrangements with international market leaders. Belarus may benefit from the import of these competitive Pakistani products which we consider our strengths.”
He also shared and highlighted the hallmarks achieved by the present government on economic front. Vitaly Vovk thanked the Pakistani delegates for fruitful work on enhancing the economic cooperation between Pakistan and Belarus.He mentioned that both the countries had signed 18 memorandums and agreements for trade promotion during the official visit of Belarus Prime Minister to Pakistan including five-year roadmap of mutual collaboration.
The matters discussed so far by Pakistan-Belarus Joint Ministerial Commission in its earlier meeting were quiet important andboth sides would have to focus on implementation of the points mutually agreed upon for bringing the bilateral trade volume up USD one billion, he said.
He also invited the heads (chief ministers) of all the provinces of Pakistan as well as federal ministers for industries, and water and power to visit Belarus to explore the mutual cooperation potential and discuss the ways and means to further mutual cooperation in the respective fields.
He offered to hold deliberations of respective experts from both sides to work out opening up of regular route of aviation; possible joint ventures in agriculture, dairy and other sectors of mutual interests. He added that Belarus was interested in joint ventures with Pakistan in textile, surgical items and pharmaceutical.
The Belarusian minister urged the commerce minister to play his effective role in exchange of trade delegation and holding of other trade related event to enhance investment and trade between Pakistan and Belarus.
