Staff Reporter
Karachi
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Federation of Industries of State of Sao Paulo (FIESP) on Wednesday signed a Memorandum of Understanding for exploring new areas of economic cooperation between Pakistan and Brazil.
The MoU was signed by Sheikh Sultan Rehman Vice President FPCCI and Dr. Elias Miguel, Vice President FIESP in a virtual meeting arranged by Pakistan Embassy in Brazil and Embassy of Brazil in Pakistan. While welcoming Sheikh Sultan Rehman, Vice President- FPCCI discussed the matters of mutual interests, particularly related to enhancement of trade ties and cooperation in various potential areas, particularly fisheries, tourism, construction etc.
He said that the MoU between FPCCI and FIESP will be instrumental to revitalize our bilateral trade relations. He also showed concern over the low volume of bilateral trade which despite cordial relations between the two countries was below the potential availability.
Sheikh Sultan Rehman Informed that Current volume of bilateral trade is US $ 663 million in which Pakistan’s export is insignificant just US $ 79 million while our imports from Brazil stood at US $ 584 million hence balance of trade of US $ 505 million in favour of Brazil.
