FPCCI for Addressing Trade Imbalance with ASEAN Atif Ikram Sheikh, President FPCCI

Karachi: Mr. Atif Ikram Sheikh, President FPCCI; President ECO-CCI and VP CACCI, has emphasized that
ASEAN is one of Pakistan’s major trading partners; with bilateral trade reaching $9.06 billion. However, the trade
balance remains heavily in favor of ASEAN member countries – as Pakistan’s exports stand at $2.2 billion; while
imports totaled $6.8 billion—90% of which is concentrated among five countries: Malaysia, Thailand, Vietnam, the
Philippines and Indonesia.

It is pertinent to note that ASEAN Day was commemorated at FPCCI Head Office, Federation House, Karachi, with
the primary objective to strengthen Pakistan-ASEAN connectivity in transportation, communication and blue
economy; as well as, fostering closer people-to-people; business-to-business and trade ties. The session was attended
by senior diplomats, government officials, industrialists, exporters, and other prominent stakeholders from across
ASEAN member nations.

Mr. Atif Ikram Sheikh maintained that, given ASEAN’s ascension up the value chain in manufacturing and services
in the world markets, FPCCI wants to provide a platform to discuss strategies for smoother trade terms, market
exploration and mutually beneficial partnerships for the Pakistani business, industry and trade community.

H. E. Mr. Herman Hardynata Ahmad, Consul General of Malaysia in Karachi, who was the guest of honor of the
high-profile ceremony, expressed his optimism on the series of concrete trade promotion activities and economic
diplomacy ongoing between Pakistan and ASEAN – and, termed the efforts of FPCCI as instrumental in facilitation
of business tourism, trade agreements and exchange of delegations.

Consul Generals and diplomats of Thailand, Vietnam and the Philippines specially invited trade delegations from
Pakistan’s apex trade body of FPCCI for the significant trade promotion activities, events and exhibitions to be held
in their respective countries.

Mr. Saquib Fayyaz Magoon, SVP FPCCI, apprised that the trade and investment potential with ASEAN countries is
diverse and exponential; including, textiles, apparel, agriculture, fisheries, food, beverages, carpets, footwear,
construction, insurance, information technology, oil, handicrafts, jewelry, cosmetics, perfumes, healthcare,
renewable energy, pharmaceuticals, coffee beans, green coffee, electronics, fruits and spices.

Mr. Saquib Fayyaz Magoon noted that trade relations between Pakistan and ASEAN countries are below potential;
and, highlighted Pakistan's Free Trade Agreement (FTA) with Malaysia and Preferential Trade Agreement (PTA)
with Indonesia. He also mentioned ongoing negotiations for an FTA with Thailand and PTA with Vietnam.

Mr. Abdul Mohamin Khan, VP & Regional Chairman Sindh, FPCCI, explained that the relations between Pakistan
and ASEAN are multidimensional and have grown significantly over the years due to mutual trust, cooperation and
cultural linkages. He expressed his satisfaction that major stakeholders and business leaders joined the B2B session
with the ASEAN delegation to FPCCI this year. There are considerable incentives to invest in Pakistan; country has
abundant workforce and enjoys strategic economic groraphy – making it an ideal hub for ASEAN investors to
establish manufacturing units for marketing products in the Middle-east; Central Asia and Western China, he added.