Pakistan-Australia Joint Trade Committee (JTC) is expected to meet in Australia by the end of October this year to evaluate and examine existing trade between the two countries while simultaneously seeking potential avenues to enhancing trade.
Confidence building measures to enhance cooperation. According to sources the meeting of JTC is also likely to be followed by Pakistan-Australia Business Forum as selected business groups led by the ministry of commerce have also planned to visit the country. The fresh move, sources claim will strengthen bilateral trade and economic ties between the two countries, which would serve as confidence-building measures between business communities and contribute to enhancing investment.
Though bilateral trade is in favour of Australia with Pakistan’s imports averaging $350 million against exports of $150 million during last few years, there is huge potential for Pakistani goods in the foreign country which could minimise the trade difference. It is worth mentioning here that the Joint Trade Committee (JTC), which was created, in 2006, considers proposals for deepening and broadening trade and economic relations. The last meeting of JTC was held on February 16, 2010 in Islamabad after a lapse of four years. The first meeting of the JTC was held in Cairns, Australia, in 2006, where both countries discussed avenues of bilateral economic and trade cooperation. The second JTC had discussed a range of requests by Pakistan for access to the Australian market, and cooperation in energy and agriculture sectors, including the successful Agriculture Sector Linkages Program. The two sides also discussed a range of other ways to help boost two-way trade and investment. It was also decided in the meeting that the JTC would meet regularly every year, for improving bilateral trade.
Besides, Islamabad was also likely to arrange a business delegation to the foreign country to hold meetings of Pakistan-Australia Business Forum (PABF). The forum, sources said, was also established last year. The exchange of trade delegations was also aimed at enhancing the existing trade volumes between the two countries. Earlier, an Australian business delegation which visited Lahore Chamber of Commerce and Industry last year had informed that Power Generation, agriculture, livestock, sports goods, information technology, health and education were the key sectors where Pakistani businessmen can take advantage of Australian technological advancements to play their role for an economic turnaround of the country. While the Pakistani counterparts had also informed the foreign businessmen that with extensive natural resources, including oil and natural gas reserves, the fourth-largest coal reserves in the world and potential for hydropower, Pakistan also offers marvelous opportunities to Australian businessmen.
Pakistan and Australia to enhance economic ties
