FPCCI to organise trade exchanges with Philippines

LAHORE: The Philippine embassy in Pakistan and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday agreed to organise and exchange trade and investment missions to further enhance bilateral trade and investments.

The agreement was reached at a meeting held at the FPCCI Regional office. The meeting was chaired by FPCCI President Irfan Iqbal Sheikh. Filipino diplomats stationed in Islamabad visited the FPCCI. The delegation comprised of Charge d’ Affairs, Head of Philippines Mission in Pakistan, Maria Agnes M Cervantes, Honorary Consul General Fahdel Sheikh, Vice Consul Dan Bagaporo and Economic Assistant Sumaira Bibi. Philippine Embassy in Islamabad, in coordination with the Honorary Consulate General in Lahore, held a meeting on Philippine trade and tourism opportunities.

Cervantes highlighted the strong ties between the Philippines and Pakistan since 1949, adding that high-level exchanges and agreements signed by both countries were a testament to the close relationship.

FPCCI President said that the Department of Trade and Industry (DTI) of the Philippines, specifically the Bureau of Export Trade Promotion and the FPCCI have also signed an agreement for the establishment of JBC.

“It is surprising that despite substantial friendly relations, the volume of trade is low, just $196 million out of which Pakistan’s share in exports to the Philippines stood at $127 million,” Sheikh said.

Speaking about reasons the trade was much lower than the potential, Sheikh said that the low volume of bilateral trade between Philippines and Pakistan was because both sides were confined to a few items of bilateral exports and imports.

FPCCI Regional Chairman Muhammad Nadeem Qureshi said a mechanism should be established to promote cooperation in all spheres of common interest between the two countries to oversee cooperation in economic, commercial and technical fields. “Relevant national institutions should hold consultations on the prospects of cooperation in the fields of common interests,” he said.

Reminding that exchange of information was one of the most important aspects, Qureshi said that seminars and exhibitions should be organised in Pakistan and the Philippines to create awareness about each other's products. “It is essential to have an efficient system for the issuance of business visas,” the FPCCI official said.

As per the Trade Development Authority of Pakistan, the highest exports from Pakistan to Philippines were of beverages, spirits and vinegar at 32 percent in 2020, which was followed by pharmaceutical products at 20 percent, edible fruit and nuts at 16 percent, other made-up textile articles 9 percent; cotton and salt, sulphur, earths and stone at 6 percent, cereals 4 percent, and other items.

On the other hand, the highest components imported from Philippines to Pakistan included vehicles other than railway at 27 percent, followed by iron and steel at 19 percent, preparations of cereal at 12 percent, and preparations of vegetables 9 percent.