Pakistan has proposed the signing of a Preferential Trade Agreement (PTA) with Egypt to significantly increase the bilateral trade volume from the current $400 million to $4 billion. Dr. Gohar Ejaz, the caretaker federal minister for Commerce and Industries, emphasized the opportune moment for both nations to enhance their trade relations and collaborate on a PTA, drawing on Pakistan’s existing agreements with various countries.
During a joint press conference, Dr. Ejaz highlighted the government’s focus on facilitating investment and improving market accessibility, aligning with broader economic growth and cooperation objectives. As part of the Look Africa Mission, a minister-led delegation showcased Pakistan’s top 100 companies across 12 sectors for potential export to Mena countries in Cairo, aiming to bolster the country’s exports.
Dr. Ejaz underscored Pakistan’s abundant resources, diverse landscapes, and substantial workforce, positioning it as an attractive market for trade and investment. With a population exceeding 241 million and a GDP of USD 374 billion, the country offers significant opportunities for collaboration. Pakistan’s strategic location at the intersection of South Asia, Central Asia, and West Asia, along with proximity to Gulf countries, further enhances its potential as a regional hub.
In 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), both sides recognized the mutual benefits of expanding economic and trade ties. The talks focused on key sectors such as agriculture, textiles, engineering, and services.
Over 110 Pakistani companies participating in the Egypt International Exhibition Center showcased their products, aiming to export to Egypt and other MENA region countries. Dr. Ejaz reiterated Pakistan’s commitment to making its markets accessible to the MENA region, aligning with the Look Africa policy’s objective of unlocking economic and trade potential.
The discussions at the event emphasized the commitment of both nations to deepen economic cooperation and leverage strengths in key sectors. Dr. Ejaz highlighted the significance of the Look Africa policy, aiming to facilitate investments and make markets more accessible to contribute to broader economic growth and cooperation goals.
The 4th PATDC & SCE serves as a crucial platform for fostering economic ties and exploring investment opportunities between Pakistan and Egypt. The event not only facilitates bilateral discussions but also acts as a catalyst for the exchange of ideas and strategies to enhance economic ties. It sets the stage for increased collaboration, paving the way for mutual prosperity and economic growth. The commitment to strengthening economic ties with MENA economies aligns seamlessly with Pakistan’s broader objective of unlocking its economic and trade potential through enhanced cooperation and accessibility.
