Pak-Afghan CC&I to be set up: MoU signed

The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and Afghanistan Chamber of Commerce & Industry (AFCCI) on Saturday signed here a memorandum of understanding (MoU) for establishment of a joint trade body with the title of ''Pakistan-Afghanistan Chamber of Commerce & Industry'' (PACCI).
A former vice president of FPCCI, Faiz Rasool Khan, signed the memorandum on behalf of FPCCI, while Hamidullah Farooqi, an Afghan trade official represented the Afghan Chamber. The signing ceremony was held at Federation''s zonal office here and a large number of traders, industrialists and those involved in Afghan Transit Trade (ATT) attended it.
The aims and objectives of the new joint trade body would be to foster friendship and understanding between the business communities of Afghanistan and Pakistan and promotion of co-operation in trade, investment, technology transfer, services and other industrial sectors between both countries.
The activities of the PACCI would include the exchange of information in regard to trade, economic co-operation and services between the two countries and materials necessary for securing its. The Presidents of both countries would announce the formal approval and announcement of the body during the visit of Afghan President Hamid Karzai scheduled on April 24 next month.
The new body will also prepare recommendations for promoting more effective economic relations between the two countries and would submit these to the respective governments. It will also promote co-operation between the two countries in hosting missions and receiving businessmen and technical experts when considered appropriate and promote and protect the interest of trade, commerce and industry both at domestic and international level.
Its president would be nominated for a period two years and a co-president would be from the other country. After completion of the term of the incumbent president, the next president would be from the other country and the co-president from the country whose president is retiring be nominated with the president.
Similarly, the body would also have one senior vice president and one vice president for consecutive two years terms. Both sides would hold joint meetings as mutually agreed to consult on various problems pertaining to the promotion of trade, economic co-operation and services between Afghanistan and Pakistan.