FPCCI Participated in D-8 CCI General Assembly Meeting Atif Ikram Sheikh, President FPCCI

Karachi: Mr. Atif Ikram sheikh, President FPCCI, has informed that the apex body has participated in The
Developing Eight Chamber of Commerce and Industry (D-8 CCI) General Assembly meeting held in
Cairo, Egypt. It was attended by chamber presidents or their representatives of Turikye, Egypt, Iran,
Nigeria, Bangladesh, Indonesia and Pakistan, he added.

Mr. Atif Ikram Sheikh apprised that the D-8 CCI meeting was also graced by H. E. Eng. Hassan El
Khatib, Minister for Investment and Foreign Trade of Egypt; H. E. Dr. Badr Abdelatty, Minister for
Foreign Affairs, Emigration and Egyptian Expatriates of Egypt and H.E. Ambassador Isiaka Abdulqodir
Imam, Secretary General of D-8 Organization for Economic Cooperation also attended the meeting.

Mr. Saquib Fayyaz Magoon, SVP FPCCI, highlighted the trade, economic and investment relations of
Pakistan with D-8 Countries; connectivity and direct flights between the member countries; need for the
creation and implementation of joint exports strategy by the D-8 countries and the potential of halal
industry and tourism sector

Mr. Saquib Fayyaz Magoon appreciated the decision of trade ministerial meeting for transforming the D-8
PTA into a Comprehensive Economic Partnership Agreement (CEPA). He added that current volume of
trade between the member countries is very low; despite the fact that all countries have signed D-8 PTA
that aimed to enhance trade to $500 billion by the year 2030.

While addressing the general assembly, the new President of D-8 CCI from Egypt, H. E. Ahmed El Wakil,
stated that D-8 countries are significant economic partners that can complement and cooperate in
agriculture, food processing, metal industries, components manufacturing, high-tech industries, software
development, maritime transport, energy and tourism.

In discussion, the Representatives of D-8 Countries stated that D-8 is largely untapped and have huge
potential for increased intra D-8 trade and investments – as diverse economies offer complementary
advantages; creating numerous opportunities for lucrative partnerships.

However, the countries also highlighted obstacles such as inadequate infrastructure; visa arrangements;
shortcomings in connectivity; lack of supply chain; tariff barriers; absence of trade dispute resolution
system; weak B2B linkages; market intelligence deficiencies; regulatory misalignments; custom
procedures and insufficient market information.

The participants also suggested investment in ocean-based industries and sustainable marine ecosystems
can enhance and materialize the trade potential; support mineral and energy resources; create jobs and
diversify the economies.