Pakistan-Nepal BTA aims trade, investment promotion

Pakistan-Nepal BTA aims trade, investment promotion

LAHORE: Napali ambassador to Pakistan Bharat Raj Paudyal today said that Nepal-Pakistan Bilateral Trade Agreement (BTA) could provide most favoured nation (MFN) treatment to both the sides. "It will also help promote trade and investment in areas of mutual benefit," he said talking to business community at Lahore Chamber of Commerce and Industry (LCCI) today. "The businessmen in both the countries should avail huge opportunity to enhance volume of two-way trade," he said, adding that there existed solid institutional and legal framework in both the countries to facilitate the business community. "Therefore they should join hands in the areas of common interest as members to South Asian Free Trade Agreement (SAFTA) both the countries have the potential to increase trade under regional framework." Paudyal also said Nepal-Pakistan Joint Economic Commission (JEC) at finance ministers level was a useful forum for promotion of economic collaboration. The commission has been revived few months ago and had opened up avenues of trade exchanges, he added. Urging the LCCI president to bring an LCCI delegation to Nepal for having first hand knowledge about economic opportunities in Nepal, he said such visits will help expand business ties. There is a huge potential in Nepal for foreign investors especially in pharma industry and Nepal is ready to make special bilateral trading arrangements with Pakistan, Paudyal informed, adding that fast changing global scenario demanded the business people to break the barriers and join hands for a better future. Nepal-Pakistan mutual trade was negligible that needed an increased frequency of reciprocal visits by Pakistani and Nepali business community. The LCCI president Engineer Sohail Lashari, on the occasion, said that Pakistan was an important player in South Asia, "therefore special emphasis should be put on economic cooperation between the two countries." Lashari said that macroeconomic stabilisation and rapid economic development had turned Pakistan into one of the most attractive locations in the world. "Apart from Chamber to Chamber linkages, he said, respective governments role is equally important for joint trade promotion."
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