During the Seventh Pakistan-Japan High-Level Economic Policy Dialogue, the leaders of the two countries agreed to bolster their bilateral economic relationship. At the virtual discussion, the Pakistani side was represented by Noor Ahmed, Secretary Economic Affairs Division. Meanwhile, the Japanese delegation was headed by Hiroshi Suzuki, the Senior Deputy Minister for Foreign Affairs. Pakistani Ambassador to Japan Imitiaz Ahmad and Japanese Ambassador to Pakistan Kuninori Matsuda also participated in the discussion.
According to a release by the Pakistani Press Information Department, the discussion began with an overall review of existing bilateral relations, wherein both sides reiterated their commitment to economic cooperation in diverse fields. In this regard, Japan recognised Pakistan as a critical “export destination”, further highlighting its “geo-economic location” and its potential to help Japan access markets in the wider region. Further, Pakistan invited Japan to reap the benefits of its “investor-friendly” Special Economic Zones by enhancing investment in these regions.
Furthermore, Japan vowed to help Pakistan bolster its export competitiveness by introducing mechanisms to enhance the transfer of technology, technical know-how, and capacity building. They also identified several areas of mutual interest through which both sides could expand bilateral trade potential. This included agriculture, fisheries, textile, food processing, and Information and Communications Technology.
In addition, they spoke of the possibility of a bilateral Free Trade Agreement or an Economic Partnership Agreement. They also recognised the opportunity to enhance cooperation in the field of human resources by fully utilising the potential of the Memorandums of Cooperation signed between Pakistan and Japan, which aim to set up “Technical Intern Training and Specified Skilled Workers Programmes.”
Just a day after this meeting, the Japanese government announced its decision to extend a grant of ¥4.09 billion ($37.6 million) to Pakistan for the improvement of the water treatment plant and water distribution system in Faisalabad. According to a release by the Pakistani government, Noor Ahmad and Kuninori Matsuda signed the Exchange Notes and Record of Discussions on behalf of their government. This, Noor Ahmad said, would help Pakistan in avoiding water shortages to ensure the sustainability of life, along with pursuing industrial progress in sectors such as health, agriculture, and energy.
In fact, Japan has been looking to expand its partnership with Pakistan for some time now. Last month, Matsuda met with Pakistani President Dr Arif Alvi, wherein the two spoke of business opportunities in Pakistan, specifically in sectors such as agriculture, automobile, information technology, and textiles. During the meeting, Matsuda also communicated the decision of the Japanese government to suspend debt repayments to help the country further its economic recovery, specifically in light of the COVID-19 pandemic. This latest meeting, therefore, simply builds on already growing bilateral ties.
Japan Highlights Pakistan’s Value as Regional Hub for Trade in High-Level Economic Talks
At the 7th Pakistan-Japan Economic Dialogue, the two sides agreed to enhance economic cooperation through bilateral transfer of technology and capacity building initiatives.
March 22, 2021
SOURCE: GETTY IMAGES