Trade volume to be raised to $5 billion by 2015: Pak-Afghan JEC held

Pak-Afghan Joint Economic Commission (JEC) has agreed to enhance bilateral trade between the two countries from the current volume of $2.5 billion to $5 billion by 2015 and decided to involve private sector for deepening economic relations. This was stated by Finance Minister Dr Abdul Hafeez Sheikh during a joint press conference, along with Afghan counterpart, Finance Minister Hazrat Omar Zakhiwal at the conclusion of two days 8th session of Pak-Afghan JEC, here on Tuesday.
The two sides also agreed to resolve the issue of 700 stuck up containers in 7 to 10 days. Hafeez said both sides agreed to hold regular meetings of the JEC with the objective to strengthen bilateral trade. The minister said that Pakistan has also offered machinery/equipment for reconstruction of Afghanistan and reviewed progress of 29 projects worth $300 million that has been committed by Pakistan for Afghanistan.
Hafeez Sheikh said of the total $300 million, 10 projects worth $163 million have been completed and 9 projects are about to be completed. He said Pakistan and Afghanistan have decided to cooperate in power, roads, mining and other sectors and Wapda experts would help Afghanistan construct hydel power project on River Kabul.
Additionally, he said Oil and Gas Development Company (OGDCL), Sui Southern Gas Company (SSGC) and Sui Northern Gas Company Limited (SNGPL) would provide technical assistance to Afghanistan in oil and gas and mining sectors. Hafeez Sheikh said both the countries have expressed commitment to remove hindrances in transit trade under Afghanistan Pakistan Transit Trade Agreement (APTTA) which he said was a historical pact and would soon be made operational.
Hafeez said the JEC also agreed to establish joint chambers of commerce of both the countries to encourage private sector. He said Afghanistan could become a bridge between Pakistan, Tajikistan and India for import of energy including 1000 MW electricity and gas transmission pipeline.
Pakistan and Afghanistan have agreed to expedite completion of Torkhum Jalalabad Highway, 70 percent of which is completed in a year's time. Hafeez said Pakistan has also asked Afghanistan to provide encroachment-free route to initiate process for establishing Chaman-Spinboldak-Kandhar railway line and discussed setting up of Liaquat Ali Khan Engineering faculty, Nishtar Kidney Center.
The Afghan minister said the trade potential between the two countries is much higher but unfortunately it remained untapped but now there is a political will on both sides of the border to translate it into reality. He also desired that small irritants in Afghan transit goods from Pakistan be removed before these could emerge as major issues and invited investors from Pakistan to invest in Afghanistan as investors from other countries, including India, Canada and Europe have been benefiting from the opportunities in his country. Zakakhel said that Afghanistan would greet Pakistani investment in road, construction and mineral sectors.