Islamabad, December 18, 2017 (PPI-OT):“Pakistan and Brazil have moved forward in deepening relations in all fields especially in commerce and trade. A number of MoUs and Agreements have already been signed between the two countries. Several are being finalized by both sides” Mohammad Younus Dagha, Federal Secretary Commerce of Pakistan observed today after concluding his 2-day official visit to Brazil, says a press release received here today from Brazil. Expressing satisfaction at the outcome of his substantial and meaningful meetings with the high Government officials of Brazil, Mr. Dagha stated that both sides have looked into ways and means to increase bilateral trade and investment for the mutual benefit of peoples of both the countries.
Bilateral trade between Pakistan and Brazil has increased over the last four years by 100 percent from $225M in 2013-14 to $449M in 2016-17. Presently, Pakistan has a negative trade balance with Brazil amounting to -$359M in FY17 with exports of $44.5M and imports of $404M. Pakistan’s main exports to Brazil are in articles of apparel, home textiles, surgical goods, cotton fabrics and yarn, articles of cutlery and sports goods whereas Pakistan’s main imports are in Soybeans, raw cotton, iron and steel, soybean oil and machinery.
On 14 December, in Brasilia, Secretary General Marcos Galvao warmly received Secretary Commerce at the Brazilian Foreign Office. Terming the visit of Secretary Commerce as “timely”, the Secretary General hoped for frequent high level interaction between the two countries. Both sides reviewed bilateral relations in all fields especially in the trade and investment domains.
Referring to the on-going cooperation between the two friendly countries, the need for early finalization of bilateral agreements such as Agreement on Technical Cooperation and establishment of Joint Commission was emphasized. Mr. Dagha also underlined the importance of early start of negotiation on Pakistan’s PTA with MERCOSUR. Secretary General stated that MERCOSUR partners could appropriately engage Pakistan as the Forum was now looking forward to interact with countries outside South America to promote trade and investment relations.
In his meeting with Undersecretary General Ambassador Santiago Mourao, the two sides took stock of matters concerning technical cooperation, trade and investment while exploring ways and means to further deepen cooperation between the two countries. The need to have productive and synergized interaction in providing a framework to private sector for enhancing bilateral trade and economic relations was emphasized.
During meeting with his counterpart from the Brazilian Ministry of Mines and Energy, Paulo Pedrosa, Pakistan’s Commerce Secretary offered profitable and secured investment to Brazilian businessmen in Pakistan. Various investment opportunities available in the energy sector, ranging from generation, transmission to exploitation of sources of clean renewable energy were also discussed.
Both sides also agreed to collaborate closely in mines and energy sectors; learn from each other’s experiences; share technological expertise; and, explore possibility of investment in relevant sectors. Pakistan’s Ambassador to Brazil His Excellency Mr. Najam us Saqib accompanied the Secretary Commerce in all his official engagements with the high Officials of the Government of Brazil. The first ever official visit of Secretary Commerce of Pakistan to Brazil provided an opportunity for both countries to discuss and review bilateral relations in all fields.
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Category: General Business News