Bilateral trade relations trigger regional development
Ambassador of Nepal to Pakistan Bharat Raj Paudyal said that improved regional trade will trigger pace of development in the whole SAARC region.
"Pakistan and Nepal should focus on the promotion of bilateral business relations ensuring continued partnership for progress," he said, addressing the members of Pakistan Textile Exporters Association (PTEA) in Islamabad.
"Economic ties between the two countries can be enhanced to the best possibility."
Nepal greatly valued its relations with Pakistan that were based on mutual respect, trust and shared perceptions on regional and international issues, he added.
Earlier chairman PTEA Sheikh Ilyas Mahmood welcomed him and said that current quantum of trade between Nepal and Pakistan is less than a quarter of the potential. "Due to trading restrictions and tariff measures, most of the indirect and unaccounted for trade is routed through the Gulf countries," he said, suggesting formal arrangements of greater direct trade for better result in lesser freight and shorter lead time.
He further suggested that frequent exchange of trade delegations, establishment of display centres in both countries would help to further strengthen the trade ties. With GSP Status granted to Pakistan by European Union, there might be increased trade for semi-finished products to have required value addition in Pakistan.
Further Pakistan is one of the highest per capita tea consuming countries in the world and Nepal is one of the finest tea and coffee producers that can create opportunity for bilateral trade between the two countries in these items.