ISLAMABAD, Jul 29 (APP):Pakistan and Bahrain on Thursday agree to promote bilateral economic and trade relation by working jointly towards economic growth and greater business harmony.
The signing of Memorandum of Understanding (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 second session of Pakistan Bahrain Joint Ministerial Commission (JMC) was held in Manama, Bahrain, said a press release issued by Ministry of Commerce here.
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, emphasizing 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.
The sectors specifically focused in the MoU include manufacturing, tourism, logistics, information and communication technology, financial services, healthcare and education, and vocational training. The MoU shall remain enforced for a period of two years and may be renewed later subject to mutual approval by both parties.
Pakistan and Bahrain have fostered a climate of innovation and advancement and foresee opportunities for strength and synergies to be cultivated, thereby creating successful and prosperous business relationships.
The countries have expressed desire to harness and enhance collaborative and cooperative business initiatives emanating from the Board of Investment and Economic Development Board.
In his opening remarks, Minister of Foreign Affairs of the Kingdom of Bahrain 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, Minister for Foreign affairs of Pakistan Makhdoom Shah Mahmood Qureshi thanked the Bahraini side for warm welcome and hospitality extended to his 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 recognized 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.