Karachi: Leaders from the United Business Group (UBG) have applauded the recent signing of two significant agreements between Pakistan and Malaysia, aimed at enhancing economic cooperation and boosting bilateral trade.

According to United Business Group, the agreements include a Memorandum of Understanding between the Trade Development Authority of Pakistan and Malaysia’s External Trade Development Corporation, as well as a cooperation pact in halal trade. These agreements are expected to fortify confidence within the business communities of both countries and set the stage for expanded economic relations.

The UBG leaders, including President Zubair Tufail and other prominent members such as Khalid Tawab and Hanif Gohar, also praised the Malaysian decision to establish a trade office in Karachi next month. This move is anticipated to foster further cooperation in tourism, agriculture, education, and technology exchange. Additionally, Malaysia’s commitment to increase imports of meat and Basmati rice from Pakistan by 100,000 tons marks a significant breakthrough.

The enhancement of flight connectivity between the two countries and Pakistan’s ability to fulfill Malaysia’s demand for artificial intelligence professionals were highlighted as promising developments. With Malaysia being a hub for the semiconductor industry, the potential for collaboration in this sector is also being explored.

The successful implementation of the Pakistan-Malaysia Preferential Trade Agreement (PTA) is seen as crucial for fully realizing the potential of these new agreements. The UBG leaders urged trade bodies across Pakistan to leverage these incentives, announced during the recent visit of the Malaysian Prime Minister, to overcome any trade barriers and ensure that the provisions of the PTA are utilized effectively.

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