LCCI, Pak-consulate in Sydney to adopt mechanism to foster trade

Lahore Chamber of Commerce and Industry and Pakistan Consulate in Sydney would adopt new methodology to enhance the volume of two-way trade between Pakistan and Australia. This was agreed during a meeting between the LCCI President Abdul Basit and Pakistan Consul General in Sydney Abdul Majid Yousafani.
Under the agreed methodology, the Consulate would share available business opportunities with both sides to facilitate joint ventures between Pakistan and Australia. Both the sides also agreed that the existing volume of two-way trade is small as compared to their respective potentials, the LCCI spokesman said.
The LCCI delegation also had meeting with Chief Whip in New South Wales Parliament Shaoukett Mislamane. The Australian Parliamentarian appreciated LCCI and promised to do necessary legislation to promote bilateral trade. He also showed the delegation proceedings of the Parliament where the chair duly acknowledged the LCCI delegation.
Abdul Basit said the size of global market for Halal products is estimated to be US$3 trillion. Pakistan is a natural base for Halal products. If we could acquire 10 percent share in its trade then we can easily enhance our exports by more than two times. Australia and Pakistan have been steady trading partners. "It is good to see that bilateral trade that dipped in 2014 to $504 million had increased to $714 million in 2015. However, we are concerned about the comparatively low level of exports to Australia" he added.
He said the current level of exports to Australia does not match the actual export potential of Pakistan. During the period from the year 2013 to 2015 total trade volume remained US$719, $504 and $714 million respectively and hoped that business meetings would play some important role in improving it further for the mutual benefits of both the countries.
Abdul Basit said that any trade related information sharing with the chambers of commerce in Pakistan by the respective commercial sections of our embassies/high commissions could provide a lead to grab the possible business opportunities, he added. Abdul Basit said that the commercial sections of other countries regularly share market surveys and commercial intelligence reports with their business communities which forms basis to evaluate the chances of greater trade links.