LCCI-Pak Consulate to expedite Pak-Australia trade
Lahore Chamber of Commerce and Industry and Pakistan Consulate in Sydney would adopt new methodology to expedite the volume of two-way trade. This was agreed during a meeting between LCCI President Abdul Basit and Pakistan Consul General in Sydney Abdul Majid Yousafani. Other members of the delegation including Talha Tayyab Butt, Waleed Ayub, Muhammad Haroon, Salman Basit and Shahid Khalil, Secretary General LCCI were also present in the meeting.
As per agreed methodology, the Consulate would share available business opportunities with both sides to facilitate joint ventures between Pakistan and Australia. Both the sides also agreed that the existing volume of two way trade is very small as compared to their respective potentials.
The LCCI delegation also had meeting with Chief Whip in New South Wales Parliament Mr Shaoukett Mislamane. The Australian Parliamentarian appreciated the LCCI and promised to do necessary legislation to promote bilateral trade. He also showed the delegation proceedings of the Parliament where the Chair duly acknowledged the LCCI delegation.
The LCCI President Abdul Basit said that the size of global market for Halal products is estimated to be dollar 3 trillion. Pakistan is a natural base for Halal products. If we could acquire 10% share in its trade then we can easily enhance our exports by more than two times. He said that Australia and Pakistan have been steady trading partners. With regard to major exporting countries of Pakistan, Australia takes 26th position. Similarly, Australia comes at 16th rank among the top importing countries to Pakistan. We will definitely like to bring some improvement in these rankings.
“It is good to see that bilateral trade that dipped in 2014 to dollar 504 million had increased to dollar 714 million in 2015. We are concerned about the comparatively low level of exports to Australia which results in unfavourable trade balance”, the LCCI President added.
He said that the current level of exports to Australia does not match the actual export potential of Pakistan. During the period from the year 2013 to 2015 total trade volume remained US$ 719, $504 and $714 million respectively. He hoped that business meetings will play some important role in improving it further for the mutual benefits of both the countries.
Abdul Basit said that our Embassies or High Commissions along with their subsidiary consulate offices have certain role to play to facilitate the business community of Pakistan who are very eager to develop trade relations with their counterparts in major economies. He said that any trade related information sharing with the chambers of commerce in Pakistan by the respective commercial sections of our embassies/high commissions can provide a lead to grab the possible business opportunities.
The LCCI President said that the commercial sections of other countries regularly share market surveys and commercial intelligence reports with their business communities which become basis to evaluate the chances of greater trade links. Pakistan will certainly welcome to have the same response from our own commercial sections on regular basis.
He said that trade diplomacy is another important tool that greatly helps in paving ways between two countries to increase the bilateral trade relations. Our visit to Australia is the outcome of the same approach that aims to explore more and more business opportunities.