Pakistan, Bahrain sign MoU to promote bilateral trade

MoU focuses on sectors including healthcare and education, tourism, logistics, manufacturing, financial services, and vocational training

ISLAMABAD   –  Pakistan and Bahrain have signed Memorandum of Understanding (MoU) focusing on sectors including healthcare and education, tourism, logistics, manufacturing, financial services, information/ communication technology, and vocational training.

The second session of Pakistan Bahrain Joint Ministerial Commission (JMC) was held in Manama, Bahrain. Through the session, both parties seek to promote business within their countries by working jointly towards economic growth and greater business harmony.  The signing of MoU between Board of Investment of government of Islamic Republic of Pakistan and Economic Development Board, the Kingdom of Bahrain for Cooperation between the two promotion agencies was a key feature of the second session of JMC. The MoU shall remain enforced for a period of two years and may be renewed later subject to mutual approval by both parties.

In his opening remarks, Bahraini Minister for Foreign Affairs, Dr Abdullatif Bin Rashid al Zayani warmly welcomed the Pakistani delegation and expressed appreciation to the Pakistani co-chair for his keen interest to enhance and build upon the deep rooted relationship between the two countries. The Head of Pakistani delegation, Makhdoom Shah Mahmood Qureshi thanked the Bahraini side for warm welcome and hospitality extended to him and the delegation.

Both sides highlighted the importance of regular meetings of established bilateral mechanisms and high level bilateral visits. In regards to economic cooperation, the countries recognised great potential for further developing sectors of mutual interest with special focus on promoting trade and business development.  Consensus to invite each other to participate in relevant activities related to the MOU including conferences, symposiums, road shows, workshops, discussion courses, forums, exhibitions, business delegations etc. was also reached during the meeting.

The two sides also concurred to start negotiation towards a Comprehensive Economic Partnership Agreement (CEPA). The Pakistani side shared a list of Pakistani exporters of auto parts as part of possible cooperation in the sector.

Furthermore, Pakistan and Bahrain have agreed to develop cooperation between the various textile associations in the two countries and have strongly welcomed cooperation at parliamentary level, emphasising the exchange of bilateral visits.

The two countries have decided to hold the third meeting of Pakistan Bahrain Joint Ministerial Commission in Islamabad in 2022 on mutually agreed dates to be communicated through diplomatic channels.

Article source: https://nation.com.pk/30-Jul-2021/pakistan-bahrain-sign-mou-to-promote-bilateral-trade