The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the governments of the Philippines and Pakistan to sign a trade agreement and an investment protection treaty to further boost bilateral economic relations between the two countries.
FPCCI president Zakaria Usman said there were a lot of potential areas for further trade and investment, among them textile, pharmaceuticals, rice, leather, fresh fruits, energy and even Halal.
According to Usman, they were not satisfied with the level of trade and investments between the Philippines and Pakistan, but they were hoping to further revitalize this given that the Philippines, with its dynamic consumer market, offered Pakistani businessmen unlimited scope for trade. The reason for this low trade was reportedly due to the lack of exchange of information on trade and investment opportunities between the two countries.
Based on data provided by Usman, total trade between the two countries stood at only $94.7 million, down 21 percent from the $119.9 million generated in 2012.
Pakistan exports to the Philippines cotton, cereal, beverages, tobacco, raw hides, fruits and vegetables, while its imports from the country included vehicles, organic chemicals machinery, electrical and electronic equipment, among others.
“There is a need to activate a framework or agreements on trade and economic ties. The great potential for expansion could be successfully tapped through increased contacts between the private business sectors,” Usman said.