Pakistan and Bangladesh have signed a historic agreement to establish a joint business council, marking an important step towards strengthening trade and economic cooperation between the two countries, the Federation of Chambers of Commerce and Industry said on Tuesday. Industry of Pakistan (FPCCI).
The agreement comes after years of complex relations, with the two countries sharing a history dating back to when they were a single entity, East and West Pakistan, until Bangladesh gained independence in 1971 following of a war of liberation supported by India.
Relations deteriorated further in 2016 when Bangladesh executed several Jamaat-e-Islami leaders for alleged war crimes during the 1971 conflict, which Pakistan condemned as politically motivated.
However, recent developments have led to a thaw in relations. After the ouster of former Prime Minister Sheikh Hasina last year and subsequent unrest in Bangladesh, relations gradually improved. This new business council represents a renewed effort to strengthen bilateral relations.
FPCCI President Atif Ikram Sheikh, who signed the agreement with representatives of the Bangladesh Chamber of Commerce, termed the establishment of the council a “milestone” in trade relations.
He led a delegation of Pakistani businesses to Bangladesh, where discussions focused on improving trade relations and key issues such as air connectivity, visa facilitation and creating stronger business partnerships.
Speaking at a business forum organized by the Bangladesh Chamber of Commerce and Industry, Sheikh stressed the need for mutual cooperation between the business communities of the two countries.
“There are vast opportunities for collaboration in agriculture, education, textiles and other sectors. The large populations of both countries should not be seen as a challenge but as an opportunity to drive economic growth,” he said.
In a bid to further strengthen economic ties, the Trade Corporation of Pakistan also signed a memorandum of understanding for export of rice to Bangladesh on Tuesday.
Additionally, Deputy Prime Minister Ishaq Dar is expected to visit Dhaka in February to further consolidate relations between the two countries. The agreement signals a bright future for Pakistan and Bangladesh as they strive to intensify their economic collaboration in the years to come.