ISLAMABAD: A landmark agreement to establish a joint business council was signed with Bangladesh on Tuesday, marking a “milestone” in efforts to enhance trade and economic cooperation between between the two states, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said.
Both countries share a complicated history, having once been a single entity known as East and West Pakistan until Bangladesh gained independence in 1971 following a war of liberation backed by India, Pakistan’s arch-rival.
Relations reached a new low in 2016 when Bangladesh executed several Jamaat-e-Islami leaders for alleged war crimes during the 1971 conflict, a move Pakistan condemned as “politically motivated,” saying the executions targeted individuals with a pro-Pakistan stance during the war.
Ties have warmed in recent months after former Prime Minister Sheikh Hasina was ousted last year following violent student-led protests. Her subsequent flight to India strained Dhaka’s relations with New Delhi, with Dhaka repeatedly demanding her extradition.
“The establishment of the Pakistan-Bangladesh Business Council is a milestone for trade relations between the two countries,” FPCCI President Atif Ikram Sheikh said after signing an agreement to that effect with representatives of the Administrative Federation of the Bangladesh Chamber of Commerce.
During the visit, the FPCCI chief led a Pakistani business delegation that held meetings with their counterparts in Bangladesh to discuss ways to enhance trade ties.
Speaking at a business forum hosted by the Bangladesh Chamber of Commerce and Industry, he also praised Bangladesh as a major economic power in South Asia.
“Strengthening trade relations requires mutual cooperation between the business communities of both nations,” Sheikh said, emphasizing the need to address key issues such as air connectivity, visa facilitation and prioritizing trade partnerships.
“There are vast 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 added.
Sheikh also reiterated his commitment to keeping the council active and fostering stronger links between the business communities of both nations.
The Trade Corporation of Pakistan also signed a memorandum of understanding for rice export to Bangladesh on Tuesday.
Pakistan’s Deputy Prime Minister Ishaq Dar is also scheduled to visit Dhaka in the beginning of February to further consolidate the relations between the two countries.
Pakistan and Bangladesh establish business council in ‘milestone’ agreement
https://arab.news/pspk8
Pakistan and Bangladesh establish business council in ‘milestone’ agreement
- FPCCI chief says strengthening trade relations requires cooperation between both business communities
- Pakistan’s deputy PM is also scheduled to visit Dhaka next month to further consolidate bilateral ties
Pakistan reviews austerity measures amid Middle East crisis, urges strict nationwide implementation
- Deputy Prime Minister Ishaq Dar chairs review meeting of austerity steps
- Officials briefed on salary cuts, school closures, four‑day week, petrol conservation
ISLAMABAD: Pakistan’s government on Wednesday assessed progress on a sweeping set of austerity measures introduced to mitigate the country’s economic strain from sharply rising global oil prices and supply disruptions linked to the ongoing war in the Middle East.
Prime Minister Shehbaz Sharif this week announced a series of austerity steps, including a four‑day work week for government offices, requiring 50 percent of staff to work from home, cutting fuel allowances for official vehicles by half, grounding up to 60 percent of the government fleet and closing all schools for two weeks to conserve fuel amid the global oil crisis.
The measures were unveiled in response to global oil market volatility triggered by the conflict involving the United States, Israel and Iran, which has disrupted supply routes such as the Strait of Hormuz and pushed crude prices sharply higher, straining Pakistan’s heavily import‑dependent energy sector.
“The meeting stressed the importance of strict and transparent adherence to the austerity measures, promoting fiscal responsibility and prudent use of public resources,” Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar said in a statement.
He was chairing a meeting of the Committee for Monitoring and Implementation of Conservation and Additional Austerity Measures, constituted under the directions of the PM, bringing together federal and provincial officials to review execution of the broad cost‑cutting plan.
Dar emphasized the government’s commitment to enforcing the PM’s austerity steps nationwide. The committee’s review also covered reductions in departmental expenditure, deductions from salaries of senior officials earning over Rs. 300,000 ($1,120), and coordination with provincial administrations to ensure uniform implementation of the plan.
Participants at the meeting reiterated that all ministries and divisions must continue strict monitoring and reporting, with transparent oversight mechanisms, as Pakistan navigates the economic pressures from the prolonged Middle East crisis and its fallout on global energy and trade markets.
