Cooperation Agreement inked to establish Bombay-Karachi Joint Chamber of Commerce and Industry

Karachi: Cooperation Agreement inked to establish Bombay-Karachi Joint Chamber of Commerce & Industry was signed during a visit of the high-level business delegation Karachi Chamber of Commerce & Industry led by Junaid Esmail Makda, Vice President KCCI.

A KCCI release issued here Monday said the prime objective of the visit was advocacy to enhance Indo-Pak bilateral trade and signing of cooperation agreement with Bombay Chamber to establish Bombay-Karachi Joint Chamber of Commerce & Industry.

Junaid Esmail Makda, Vice President-KCCI says, “KCCI & Bombay Chamber have signed the historic cooperation agreement to establish Bombay-Karachi Joint Chamber of Commerce & Industry which will prove as a vital step forward step for India and Pakistan in promoting bilateral business and economic ties.”

Ashok Barat, President, Bombay Chamber of Commerce & Industry and Junaid Esmail Makda, Vice President, Karachi Chamber of Commerce & Industry signed this agreement, on 15th July 2011 at Mumbai, which has made operational the decision taken in the 5th round of India-Pakistan talks on Commercial & Economic Cooperation between the Commerce Secretaries of both countries held in Islamabad in April 2011.

Speaking at the occasion, Ashok Barat, President, Bombay Chamber of Commerce & Industry reiterated the need for taking effective and practical steps for boosting commercial ties between India and Pakistan.

In his response Junaid Esmail Makda, Vice President-KCCI reciprocated the sentiments articulating that businesses can forge lasting and mutually beneficial relationships more than anyone else. He said that alike Karachi and Mumbai, KCCI & Bombay Chamber are natural partners having great contribution in making the highest GDPs and generating revenues in their respective countries.

Junaid Makda stated that KCCI & Bombay Chamber have stressed upon the imperative need to facilitate trade and economic integration between both countries. It was also a growing demand by the business communities of two neighbouring countries that a joint body should be formed to address the visa issues viz. Multiple business visas for all cities as issued for SAARC for the businessmen of both countries.

Junaid Makda said that after the 5th round of talks between Indo-Pak Commerce Secretaries both sides agreed and issued joint statement highlighting that increase in trade and economic engagement is vital to the mutual quest for national development and contribute to building trust between two countries. In this regard, both secretaries also agreed to greater engagement between private sector of two countries.

Makda said that the joint statement proposed to establish officially recognized chamber and consequently, as desired by the Commerce Ministries of India and Pakistan, the KCCI and Bombay Chamber signed the cooperation agreement to form Bombay-Karachi Joint Chamber of Commerce & Industry. Draft of Cooperation Agreement was forwarded to Zafar Mahmood, Commerce Secretary and KCCI proceeded to sign the said agreement after the approval and endorsement of Commerce Ministry of Pakistan, he concluded.

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