ISLAMABAD : Pakistan emphasized the need for Belarus to work diligently in reducing tariff and non-tariff barriers, while also rationalizing import requirements, to offer meaningful market access to each other. This is important as the current trade volume between both countries does not reflect their actual potential.
Speaking at the Pakistan-Belarus Business Forum, Commerce Minister Jam Kamal stated that all economic sectors in Pakistan are open to foreign investment. Priority sectors for foreign investment include energy, infrastructure, telecommunications, manufacturing, minerals, ICT, and agriculture, among others. The Minister for Energy of Belarus, Aleksei Kushnarenko, also attended the forum.
The Commerce Minister highlighted that eight B2B MoUs and contracts would be signed during the forum, which reflects the complementarity of bilateral trade and sets the stage for further collaboration.
He mentioned that it was an honor to co-chair the forum alongside Aleksei Kushnarenko, Minister of Energy of Belarus. Both ministers had also co-chaired the 7th Session of the Pakistan-Belarus Joint Ministerial Commission, held on September 25-26, 2024, in Islamabad, with the majority of the decisions taken during the session already being materialized.
Minister Kamal acknowledged the strong support and collaboration from Minister Kushnarenko, noting that many of the decisions are now being implemented.
“I see huge potential to increase trade between Pakistan and Belarus across all sectors, particularly in food, pharmaceuticals, textiles, leather, logistics, and energy. To realize this potential, both sides need to work diligently to minimize tariff and non-tariff barriers and rationalize import requirements to ensure meaningful market access. I believe these forums and steps will help us achieve key milestones in growth,” Kamal added.
He also highlighted that the two countries’ exports and trade are significantly focused on surgical instruments, which account for approximately 62% of Pakistan’s total exports to Belarus, as well as Belarusian tractors and machinery.
With a population of 250 million, Pakistan is the sixth-largest market in the world, thriving on a wealth of natural and industrial resources. The country has vast potential for economic growth and development, Kamal noted.
He further emphasized that Pakistan’s exports in meat and dairy, agricultural products, wood, and paper could be boosted through bilateral trade cooperation. Pakistan also looks forward to receiving investments and technology transfers through joint ventures with Belarus.
“I would like to share that Belarusian tractors are a household name in Pakistan, known for their durability and strength. This is reflected in our bilateral relations, and I hope this cooperation can be extended to other sectors like agricultural machinery and the automobile industry,” Kamal added.
The Commerce Minister also mentioned that the Pakistani government attaches great importance to enhancing regional trade, investment, and economic connectivity, and aims to make Pakistan a key trade and transit hub for the region.
Among the initiatives discussed was electronic cooperation, with both countries agreeing to develop a roadmap for comprehensive cooperation from 2025-2027. The roadmap includes specific timelines and assigns responsibilities to relevant ministries, organizations, and agencies to ensure that targets are met in a timely manner.
Kamal also pointed out that as members of the Shanghai Cooperation Organization (SCO), Pakistan and Belarus are collaborating closely to promote regional trade and connectivity, with their efforts within the SCO complementing their bilateral initiatives.
On the occasion, Belarusian Minister for Energy Aleksei Kushnarenko expressed confidence that the forum would provide an effective platform for direct dialogue between the business circles of both countries. He highlighted that Belarusian agricultural machinery, industrial products, petrochemical goods, and dairy products are in demand in Pakistan, while light industrial goods and food products from Pakistan have a strong market in Belarus.
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