Pakistan, Morocco discuss trade expansion and joint ventures at ISC Islamabad

Pakistan and Morocco explored avenues to expand bilateral trade and economic cooperation during a meeting at the Inter-Parliamentary Speakers’ Conference (ISC) in Islamabad.

Chairman Senate Syed Yousaf Raza Gilani met with Ould Errachid, President of Morocco’s House of Councillors, highlighting the fiscal year 2024 trade figures: Pakistan exported approximately USD 28 million worth of goods to Morocco while imports reached USD 604 million, underscoring a significant trade imbalance.

To bridge this gap, Gilani proposed the establishment of a Joint Business Council, a Preferential Trade Agreement (PTA), and sector-specific trade delegations in textiles, agriculture, pharmaceuticals, IT, leather, and sports goods. He also suggested exploring renewable energy, food processing, mineral development, banking channels, and currency swap arrangements to facilitate smoother trade.

Referring to Pakistan’s “Look Africa Policy” launched in 2017, the Chairman emphasized Morocco’s strategic position and role in the African Union as a gateway for trade and investment across the continent. He highlighted opportunities for joint ventures in agriculture, construction, pharmaceuticals, IT, and capacity-building initiatives in African states.

While trade dominated discussions, Gilani also stressed parliamentary, cultural, and people-to-people cooperation. He called for stronger Parliamentary Friendship Groups and committee linkages and praised Morocco’s experience in South-South Cooperation to tackle shared challenges like climate change, food security, and economic inequality.

He further proposed cultural exchanges, joint tourism promotion, student and youth programs, and simplified visa procedures to strengthen bilateral ties.

Concluding the meeting, both sides reaffirmed relations based on mutual respect, Islamic brotherhood, and shared values, expressing readiness to expand cooperation in trade, investment, education, and culture while promoting peace and coexistence among Global South partners.