The volume of bilateral trade between both countries stands around $2.3 billion with Pakistan exports standing at a paltry $250 million against Japan’s $2.03 billion

KARACHI: Pakistan and Japan are set to conduct a government-level dialogue in December to enhance bilateral trade and attract investments in the country, officials said on Monday.

Trade between Pakistan and Japan which presently stands at a touch over $2 billion and a government official who declined to be named shared the latter wanted to hold the next round of joint government business dialogue (JGBD) in the first week of December, reports The News.

The official said the final date has not been ascertained yet.

According to the official, Pakistan’s commercial counsellor had recently met with Japanese government official to discuss the upcoming JGBD which was held in April this year.

Japan’s Assistant Director Ministry of Economy, Trade and Industry has ordered a survey on Pakistan’s economy and the report will be used to stimulate discussion with Pakistan on the agenda items deliberated during the last JGBD.

The volume of bilateral trade between both countries stands around $2.3 billion with Pakistan exports standing at a paltry $250 million against Japan’s $2.03 billion.

In June 2018, Pakistan’s exports to Japan contracted 1.18 percent year-on-year (YoY) and Japan’s overall imports from the world rose to $57.662 billion in June from $55.632 billion in the corresponding month last year, up by 11.7 percent.

In the last dialogue held in April, both the sides had agreed to bolster Japanese investment in Pakistan, taking the improved economic environment into consideration.

The Pakistani side identified emerging sector of automobiles, electric cars, electronics, plastics, chemicals, solar panels and auto parts for future Japanese investment.

Also, the Japanese side had stressed the significance of bolstering investment in the sectors where Japanese companies were already doing profitable business.

During the JGBD held in April, the Japanese officials had apprised their Pakistani fellows that the country was improving its assistance in human resource development to aid the industrial developments.

And the official shared a memorandum of understanding (MoU) between Small and Medium Enterprise Development Authority (Smeda) and a forthcoming exhibition SME Support Japan is also on the list for the next round of talks.

The official added, “SME Support Japan has also offered Embassy of Pakistan a booth free of cost where Smeda can promote SMEs of Pakistan.”