High Commissioner of Bangladesh to Pakistan Iqbal Hussain Khan, shared such insights during a meeting at the Lahore Chamber of Commerce and Industry (LCCI).

The high commissioner said that the Bangladeshi government has eliminated the requirement for clearance from Dhaka for Pakistani heads of missions, making the visa process more accessible.

Increasing trade and investment would be a primary focus moving forward, he added.

Khan expressed the government’s “keen” interest in improving relations with Pakistan, which have been less than satisfactory over the past decade.

He highlighted that with a population of 180 million, Bangladesh represents a significant consumer market that Pakistan could potentially tap into. The high commissioner emphasised that the trade potential between the two nations remains largely unexplored and Pakistan has the capacity to take advantage of this opportunity.

Khan called for enhanced collaboration among South Asian countries and underscored the need to revitalise the South Asian Association for Regional Cooperation to boost regional trade and cooperation.

He stressed the responsibility of both countries to create opportunities for the current generation and to eliminate barriers to mutual trade and cooperation.

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While reflecting on lessons learned from the Covid-19 pandemic, he stated, “It is essential for nations to collaborate during crises to ensure the smooth flow of trade.”

LCCI President Mian Abuzar Shad revealed that two-way trade between Pakistan and Bangladesh reached $718 million in the fiscal year 2023-24. Pakistan’s exports to Bangladesh totalled $661 million while imports were valued at $57 million.

In the first five months of the 2024 fiscal year (July-November), exports to Bangladesh rose to $314 million, with imports remaining low at $31 million. He expressed a “strong aspiration” to elevate the volume of two-way trade to at least $2 billion in the near future and urged both governments and private sectors to take decisive actions to achieve this goal.