Karachi Chamber of Commerce and Industry (KCCI) and Bombay Chamber of Commerce and Industry (BCCI) have signed a ‘cooperation agreement’ to establish “Bombay-Karachi Joint Chamber of Commerce and Industry”. The prime objective of the joint chamber was to enhance Indo-Pak bilateral trade especially between the two mega-cities of the neighboring countries. According to a statement issued by KCCI, this development was made during the visit of a high-level business delegation of KCCI, led by it Vice President Junaid Esmail Makda, to India recently.
Makda, said in the statement, “KCCI and Bombay chamber have signed the historic cooperation agreement to establish Bombay-Karachi Joint Chamber of Commerce and Industry, which will prove a vital step forward for India and Pakistan in promoting bilateral business and economic ties.” Ashok Barat, President, Bombay Chamber of Commerce and Industry, and Makda signed this agreement on 15th July 2011 in Mumbai, which has made operational the decision taken in the 5th round of India-Pakistan talks on Commercial and Economic Cooperation between the commerce secretaries of both countries held in Islamabad in April 2011.
Speaking on the occasion, Ashok Barat, President Bombay Chamber of Commerce and Industry, reiterated the need for taking effective and practical steps for boosting commercial ties between India and Pakistan. In his response Junaid Esmail Makda, Vice President KCCI, reciprocated the sentiment that businesses can forge lasting and mutually beneficial relationships. He said KCCI and Bombay Chamber are natural partners having great contribution in making the highest GDPs and generating revenues in their respective countries.
Junaid Makda stated that KCCI and Bombay Chamber have stressed upon the need to facilitate trade and economic integration between the two countries. It was also a growing demand by the business communities of the two countries that a joint body be formed to address visa issues. Junaid Makda said that after the 5th round of talks between Indo-Pak commerce secretaries, both sides agreed and issued joint statements highlighting that increase in trade and economic engagement is vital to the mutual quest for national development and contributes to building trust between two countries. In this regard, both secretaries also agreed to greater engagement among private sectors of both countries.
Makda said that the joint statement proposed to establish officially recognised chambers and consequently, as desired by the commerce ministries of India and Pakistan, the KCCI and Bombay Chamber signed the cooperation agreement to form Bombay-Karachi Joint Chamber of Commerce and Industry. Draft of cooperation agreement was forwarded to Zafar Mahmood, commerce secretary and KCCI proceeded to sign the said agreement after the approval and endorsement of commerce ministry of Pakistan, he concluded.
