The New Nation - Internet Edition

BUSINESS REPORT

Diplomats and economic officials of Bangladesh and Pakistan will discuss issues of enhancing trade and investment while the two countries' joint economic commission will have its 9th meeting in Islamabad next month. Removal of trade barriers and progress on trade facilitating measures earlier agreed will come up for discussion in the October 27-28 meet, officials at the foreign ministry and Economic Relations Division said. 'The meeting will give special focus on inking a bilateral free trade agreement and establishment of direct shipping link between the two countries,' said an official Tuesday. In their last meeting in 2005, the two South Asian nations had agreed to consider certain duty concessions to enhance the annual two-way trade volume to $1 billion by 2007 from $300 million then. The target, however, remained elusive as the talks were not followed up accordingly. Except proposing lists of tradable items, the two countries are yet to make any headway for enhancing trades. In the last JEC meeting, both sides had also agreed to encourage trade fairs and single country exhibitions along with specialised products' fair. They also talked about establishment of direct shipping links between the two countries; cooperation in tourism, fisheries and livestock; and creation of a joint fund to promote investment and exports.

The bilateral trade is heavily tilted to Islamabad, as Bangladesh's imports figured $259 million against exports of only $61 million in the 2006-07 fiscal year.