ISLAMABAD: Ambassador of Venezuela to Pakistan David Valesquez Carabolla on Tuesday stressed the need for reactivating trade agreements between Pakistan and Venezuela to further boost economic relations between the two countries.
"Pakistan and Venezuela have agreed to collaborate in the fields of trade and services for enhancing political, commercial and economic relations," he said adding the two countries have already signed bilateral agreements.
However, there was need to reactivate such agreements and revitalize the activities of economic forum between the two countries, the ambassador said while addressing the business community at Islamabad Chamber of Commerce and Industry (ICCI) here.
He said that agreement on avoidance of double taxation has been discussed with Federal Board of Revenue which would not only provide safeguards against double taxation of income of the residents of the two countries but also promote economic cooperation, investment and further strengthen the existing economic relations.
The Ambassador said that volume of trade between two countries stood at about $13 million which was quite below the potential and both the countries should work closely to explore the new areas in order to get strong boost in bilateral trade.
He also highlighted the importance of promoting tourism between the two countries adding that his country intended to enhance direct linkages with Pakistan through shipping and direct flights.
Earlier, speaking on the occasion, ICCI President, Mahfooz Elahi, said that Pakistan was a peaceful nation and regretted the role of international media on portraying its negative image that he said has been resulting in economic loss.
He suggested for enhancing people to people contacts, participation in trade fairs and exhibitions to help increase bilateral trade.
ICCI President said that the chambers of commerce of the capitals of the two countries should develop strong linkages for the exchange of business related information adding that their youth forums should also be connected to learn from each others' experience that would ultimately open the window of business opportunities.
He suggested that cooperation can be enhanced in petroleum, energy, tourism, surgical, sports goods, textile, agro and pharmaceutical sectors, adding that pharmaceutical companies can have joint ventures with the Venezuelan companies for the production of different types of medicines.
To increase trade and investment, both the countries should also look for reducing tariffs and removal of non-tariff barriers, he emphasized.
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