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PFC to participate in C’wealth business forum in UK in April

Lahore: Pakistan Furniture Council (PFC) will send a high powered furniture producers delegation to UK to participate in Commonwealth Business Forum 2018 being organized by Commonwealth Enterprises and Investment Council (CWEIC) from 16 to 18 April on the sidelines of Commonwealth Heads of Government Meeting (CHOGM).
In a statement issued here Sunday, PFC chief Mian Kashif Ashfaq said Pakistan attaches great importance to its relations with the Commonwealth being one of the founding members. “It is high time we begin to explore the opportunities that the Commonwealth can help to unlock, the intra Commonwealth trade potential, especially post-Brexit” he added.
“To reap the benefits of our common heritage we need to capitalise on the Commonwealth’s trade advantage. The intra-Commonwealth trade advantage which currently stands at 19 percent has the potential to be enhanced a great deal,” adding he said in this regard, PFC business tour would provide a chance to explore new avenues by sharing vision, expertise for formulation of future policies, economic studies, sectoral and project specific reports besides promotional efforts.
The delegation would have one on one direct interaction with foreign business leaders, researchers and investors in European countries, he said, adding the tour would enable investors to identify potential organizations to partner and developing successful regional economic strategies and support regionally vital businesses. He was of the view that economic and trade relations between Pakistan and Commonwealth countries possess great potential and there was dire need for Pakistani business community to focus on improving their competitiveness in the commonwealth markets.
Mian Kashif said at present, the trade between Pakistan and Commonwealth has crossed US$ 10 billions with exports volume US$ 4.3 billions and import volume is more than US$ 6 billions.
The Commonwealth Business Forum – integral part of the Commonwealth Heads of Government Meeting – convenes business leaders, industry experts and senior government representatives to discuss the issues and challenges confronting with their countries in 2018 and beyond.
“It is expected that this event will be attended by up to 30 Heads of Government of Member States and 800 Businessmen from all members nations,” he added. Commonwealth is a diverse community of 52 countries which represent 20 percent of world area and spread over Asia, Europe, America, Africa, Caribbean and Pacific region. Commonwealth accounts 30 percent of world population (2.4 billion) and 14 percent of World Gross Domestic Product (GDP) with per capita average income US$ 4,500. All member countries of Commonwealth are members of WTO and enjoy the advantage of having shared legal systems, languages and values, making it easier for them to communicate trade and cooperate with one another.
The delegation will be led by PFC Chief Executive Mian Kashif Ashfaq and will have the opportunity to meet and interact with the Heads of Commonwealth Community and expand their business relations with their counterparts.

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