ISLAMABAD: Pakistan and African nations have launched the Pakistan-Africa Economic Council to boost bilateral trade to $15 billion by 2030, Pakistani state media reported on Sunday.

Pakistan’s annual bilateral trade with African countries has hovered at around $4 billion, with Islamabad seeking economic and trade integration with markets in Africa in a push for sustainable economic growth.

The two sides reaffirmed their resolve to diversify their economic and trade relations as they launched the Pakistan-Africa Economic Council (PAEC) at a ceremony in Islamabad, the state-run Radio Pakistan broadcaster reported.

“The two sides reiterated their commitment to promoting mutual investment and fully exploiting their untapped resources to take bilateral economic and trade relations to new heights,” the report read.

The ceremony was attended by ambassadors, high commissioners and the consuls-general from various African countries, including Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya and Ethiopia.

The speakers highlighted key Pakistani sectors that offer significant trade and investment potential.

“The [PAEC] forum would play a great role in enhancing economic and trade ties between African countries and Pakistan,” Pakistan’s Minister for Defense Production Muhammad Raza Hayat Harraj said.

Pakistan, currently bolstered by a $7 billion International Monetary Fund (IMF) program, is making rigorous efforts to boost trade, connectivity and foreign investment to ensure a sustainable economic recovery following a prolonged economic meltdown.

Last year, Prime Minister Shehbaz Sharif directed enhanced engagement with Africa, especially in trade, investment and commercial ties.