Pakistan and Bangladesh have signed a historic agreement to establish a joint business council, marking a significant step towards enhancing trade and economic cooperation between the two nations, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) announced on Tuesday. .
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 a liberation war supported by the 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 events have seen a thaw in relations. Following the overthrow of former Prime Minister Sheikh Hasina last year and subsequent unrest in Bangladesh, ties have 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, described the establishment of the council as a “milestone” in trade relations.
He led a Pakistani business delegation to Bangladesh, where discussions focused on improving trade ties and addressing key issues such as air connectivity, visa facilitation and building stronger trade partnerships.
Speaking at a business forum organized by the Bangladesh Chamber of Commerce and Industry, Sheikh highlighted the need for mutual cooperation between the business communities of the two nations.
“There are great 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, Pakistan Trading Corporation on Tuesday also signed a memorandum of understanding for export of rice to Bangladesh.
Additionally, Deputy Prime Minister Ishaq Dar will visit Dhaka in February to further cement the relationship between the two countries. This agreement signals a promising future for Pakistan and Bangladesh as they work towards greater economic collaboration in the years to come.
