LCCI, Australian chamber sign trade MoU

Agreement promotes joint ventures, SME cooperation and arbitration

LAHORE:

The Lahore Chamber of Commerce and Industry (LCCI) and the Australia Pakistan Chamber of Trade, Commerce & Industry (APC) have signed a memorandum of understanding (MoU) to strengthen trade, economic, technical and business relations between Pakistan and Australia, according to a statement issued on Friday.

The MoU was signed by LCCI President Faheemur Rehman Saigol and APC President Mohammad Asif. The ceremony was attended by Pakistan's High Commissioner to Australia Irfan Shauket, Consul General Qamar Zaman, Honorary Investment Counsellor Sikandar H Lodhi and APC Finance Secretary Mohammad Abid.

Under the agreement, both organisations will work jointly to promote investment opportunities, small and medium enterprise (SME) cooperation, and the establishment of joint ventures and business support structures. They also agreed to organise business events, exchange commercial information, share potential business leads and provide updates on exhibitions and trade regulations.

Speaking on the occasion, Saigol said the MoU would open new avenues of cooperation between the business communities of the two countries and help strengthen bilateral trade and investment ties. He emphasised that closer engagement between chambers of commerce is essential to facilitate businesses and create new economic opportunities.

The agreement also envisages enhancing business connectivity through direct engagement, joint committees and regular consultations. Both organisations agreed to encourage the use of international arbitration mechanisms for dispute resolution in business agreements, as well as the promotion of each other's official platforms and activities.