BD, Pakistan to sign Bilateral Investment Treaty

ISLAMABAD, Nov 11: Pakistan and Bangladesh are set to improve their bilateral relations in all fields including trade, defence production and signing of Bilateral Investment Treaty (BIT), well informed sources told Business Recorder.

All such proposals from both sides will be discussed during the forthcoming meeting of Pakistan -Bangladesh Joint Economic Commission (JEC) as importance of the Pakistan -Bangladesh JEC, given the recent political changes in Bangladesh has increased. 

Ministry of Foreign Affairs (MoFA) is engaged with line Ministries to finalize the agenda of next JEC to be held very soon.

The sources said, High Commissioner of Pakistan to Dhaka has revealed that the current Government in Bangladesh holds significant goodwill for Pakistan. Parties across the spectrum are very positive towards Pakistan. Therefore, the necessity to hold the JEC at the earliest is paramount.

The High Commissioner further informed of his meetings with advisor of commerce and secretary commerce. The Bangladesh side is currently working on firm dates, agenda for the JEC to be held in Dhaka in late December, early January.

Details of discussion and decisions made during the Inter-Ministerial Meeting indicate that reactivation of the Joint Business Council came under discussion. High Commissioner was directed to hold meetings with the relevant officers in Dhaka to develop the data on import industries and areas of convergence with BD. 

Data has been shared with the FPCCI which is developing detailed presentation on Pakistan's export strategy including areas of convergence and relevant industries ( food, IT, textile and others) to be shared in the IMM.

Pakistani Mission has also shared its recommendation with Islamabad on proposal regarding reactivation of the JBC. An MoU will be signed between Pakistan's Trade Development Authority of Pakistan (TDAP) and Export Promotion Bureau (EPB) of Bangladesh during the JEC.

Ministry of Science and Technology has shared draft MoU on standards and texting with MoFA for its renewal.

Maritime Affairs has shared updated information on the contract of affreightment (Shared in 2021) with MoFA for taking up with the BD side. MoMA has also shared proposals on shipping exchange with Bangladesh.

On the issue of trade imbalance/ SAFTA/ FTA, Commerce Ministry has shared the composition, ToRs and concept note for the proposed JWG on Trade & Investment with MoFA for discussion with BD side. 

Commerce has prepared/provided fresh proposals/recommendations with respect to FTA and SAFTA with BD side.

Ministry of Industries and Production (MoI&P) has shared its report on the strategy for investment in Bangladesh EPZs. 

Pakistani Mission has been directed to expedite the signing of Bilateral Investment Treaty (BIT) with Bangladesh.

On Air Service Agreement, Aviation Division has responded to Pakistan Mission on resumption of PIA's direct flights to Bangladesh. Pakistan Mission has contacted Biman Bangladesh and US-Bangla to initiate direct flights. �Business Recorder (Pakistan)