Commerce minister vows to enahnce bilateral economic ties with Belarus

ISLAMABAD: Federal Minister for Commerce and Textile, Mohammad Pervaiz Malik on Wednesday vowed for enhancing bilateral economic ties between Pakistan and Belarus in various sectors, especially in trade and commerce, investment and other areas of mutual interest.

“The two countries have immense potential for economic and commercial relations and the current trade volume could be substantially enhanced, added the minister, said in statement issued by Ministry of Commerce and Textile here.

Federal Minister for Commerce and Textile Mohammad Pervaiz Malik has said this in a called on meeting with Belarus ambassador to Pakistan, H.E Mr. Andrei G. Ermolovich.

The Minister further said that Pakistan offers excellent opportunities for foreign investors especially as a result of CPEC.

Belarusian investors can make use of the incentives provided by the Government of Pakistan and can get benefitted from the Special Economic Zones (SEZs), he said.

Minister for Commerce stressed that Pakistan is ready to give trade incentives to Belarus on equal and mutual beneficial basis and hoped that both sides will hold further meetings to improve cooperation in commerce and trade sectors.

Andrei G. Ermolovich appraised minister for commerce about the trade between two countries and the opportunities lying ahead that can provide a big boost to the bilateral trade between the two countries.

“Bilateral relations between Pakistan and Belarus have progressed rapidly over the last two years and will grow further with time”, added the ambassador.

The ambassador also proposed that Pakistan and Belarus can enhance trade and cooperation in different sectors particularly Industrial Sector and Agriculture Sector.

“Pakistan and Belarus must exchange VVIP visits and also to conduct more Joint Trade Committee meetings to improve bilateral trade and also measure the progress on implementation of the roadmap”, added the ambassador.

Pakistan’s exports to Belarus were US $ 0.6 million in 2015-16 while its total imports from Belarus were worth US $ 28.2 million in 2015-16.

The overall balance of trade is in favor of Belarus due to large import of tractors, petroleum, machinery and auto-parts, vegetables and synthetic fiber.

Pakistan has the potential of increasing its trade in textiles, foodstuffs, surgical goods, chemicals, pharmaceuticals and mineral products.