Lahore Chamber of Commerce and Industry (LCCI) on Monday urged the government to sign Preferential Trade Agreement (PTA) with Bosnia Herzegovina without any further delay. This was stated by LCCI President Irfan Qaiser Sheikh, while talking to Ambassador of Bosnia Herzegovina Armin Limo, at the LCCI. LCCI Senior Vice President Kashif Younis Meher, Vice President Saeeda Nazar and former LCCI President Shahid Hassan Sheikh, also spoke on the occasion as to how bilateral trade between the two countries could be enhanced.
LCCI President said the delay in signing of the much-needed PTA with a country that is a gateway to Europe, is badly hitting the bilateral trade and economic relations therefore, concrete measures are needed to remove impediments in way of PTA. Irfan Qaiser Sheikh said there exist vast opportunities of investment in Pakistan and the businessmen have the ability and capacity to launch joint ventures with Bosnia in various sectors, including dairy farming.
He also said economic relations between the two countries did not reflect their close fraternal ties and there was a need to cement trade and economic relations. He stressed upon the business community to establish their warehouses in Bosnia because European Union was an excellent market for Pakistani products. ‘LCCI would also participate in Sarajevo Business Forum (SBF) scheduled for April 2012 in Bosnia,’ he added.
Irfan Qaiser Sheikh further stated that solid measures should be taken to enhance trade volumes between the two countries, adding that exchange trade delegations and holding joint trade exhibitions, would pave way for enhancing the bilateral trade volume.
Speaking on the occasion, Bosnian Ambassador Armin Limo said bilateral trade between Pakistan and Bosnia can be increased five times from the current two million Euros per annum, as Bosnia can help Pakistan in areas of energy and defence production, for having expertise in these two sectors. “Bosnia possessed expertise in the construction of mega dams, transmission lines and grid stations and Pakistan could utilise its experience to overcome its energy crisis.”
“Pakistan can send its products to Bosnia directly. Currently, Pakistani made-ups are reaching our homeland through other countries that results in increased prices,” the ambassador said. He said five independent states that had been part of former Yugoslavia, now possessed population of over 20 million and Pakistan could boost trade ties with them by enhancing its exports of textile, rice and surgical and sports goods. He further added that good relations of the two countries needed to be translated into enhanced economic cooperation.