Pakistan, Bangladesh sign landmark agreement to set up joint business council

Pakistan and Bangladesh have signed a landmark agreement to establish a joint business council, marking a major step towards strengthening trade and economic cooperation between the two nations, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said on Tuesday.

The agreement comes after years of complicated relations, with the two countries sharing a history dating back to when they were one entity, East and West Pakistan, until Bangladesh gained independence in 1971 after a liberation war supported by India.

Relations had further soured in 2016 when Bangladesh executed several Jamaat-e-Islami leaders for alleged war crimes during the 1971 conflict, which Pakistan condemned as politically motivated.

However, recent developments have seen a thaw in relations. After the ouster of former Prime Minister Sheikh Hasina last year and subsequent unrest in Bangladesh, ties have gradually improved. This new business council represents a renewed effort to strengthen bilateral relations.

FPCCI chairman Atif Ikram Sheikh, who signed the agreement with representatives of the Bangladesh Chamber of Commerce, described the establishment of the council as a “landmark” in trade relations.

He led a Pakistani business delegation to Bangladesh where discussions focused on improving trade ties and addressing key issues such as air connectivity, visa facilitation and building stronger trade partnerships.

Speaking at a business forum hosted by the Bangladesh Chamber of Commerce and Industry, Sheikh stressed the need for mutual cooperation between the business communities of the two nations.

“There are huge opportunities for cooperation in agriculture, education, textile and other sectors. The large populations of both countries should not be seen as a challenge but as an opportunity to promote economic growth,” he said.

In a bid to further strengthen economic ties, the Trade Corporation of Pakistan also signed a memorandum of understanding on Tuesday to export rice to Bangladesh.

In addition, Deputy Prime Minister Ishaq Dar is scheduled to visit Dhaka in February to continue strengthening relations between the two countries. This agreement signals a promising future for Pakistan and Bangladesh as they work towards greater economic cooperation in the coming years.