‘Trade liberalisation key to boosting ties’

Australian deputy high commissioner meets businessmen, pledges support.

FAISALABAD:

Liberalisation of trade needs to be encouraged to boost economic ties between Australia and Pakistan, Australian Deputy High Commissioner in Pakistan Paoul Molloy said, while addressing businessmen at the Faisalabad Chamber of Commerce and Industry.

Molloy was briefing on the outcome of a recent meeting between the Joint Trade Committee and the government of Pakistan, saying that the first trade talks with the newly-elected government were productive and would open new vistas of cooperation.

Australia’s gross domestic product (GDP) stood at $1.67 trillion, making it the world’s 13th largest economy by GDP size.

The diplomat appreciated efforts of the new government to overcome the energy crisis and said Pakistani businessmen, who can offer competitive prices and quality, could reap benefits of the huge potential available in Australian markets.



Furthermore, the Australian embassy is assisting businesses and creating investment opportunities to allow the Pakistanis easier access to the Australian markets.

He also assured the businessmen that he would facilitate the FCCI trade delegation, which would visit Australia in August, and suggested that Pakistani businessmen should also consider joint ventures with Australian counterparts in textile, dairy, agriculture mechanisation and mining. Big Australian mining magnates are ready to invest in Pakistan.

An Australian trade delegation also plans to visit Pakistan in July to look for trade opportunities, however, Molloy pointed out that due to adverse law and order situation, foreign investors were reluctant to invest here. He emphasised that the media could project a positive image of Pakistan at the international level.

Earlier, FCCI President Mian Zahid Aslam praised Australia’s development assistance which touched $96 million in the fiscal year 2012-13 from a mere $16 million in fiscal 2007.

Trade between the two countries is growing, but it is still below potential and leaves room for expansion.

Australia’s major imports from Pakistan are textile, clothing, travel goods and cereals, while its exports are vegetable fats, cotton, fertilisers, minerals, fuels and oils.

Published in The Express Tribune, June 22^nd, 2013.

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