Lahore   -  The All Pakistan Business Forum and the Pakistan Textile Exporters Association (PTEA) have agreed to make joint efforts for the promotion of trade and industry in the country.

The decision was made at a meeting between the APBF President Syed Maaz Mahmood and PTEA delegation led by its Secretary General Azizullah Goher, held here at a local hotel.

On this occasion, the APBF and the PTEA signed a memorandum of understanding (MoU), agreeing that both leading business associations would evolve a unified strategy on the issues of common interests.

President Syed Maaz Mahmood inked the MoU on behalf of APBF, while PTEA Secretary General Azizullah Goher represented his Association.

According to the MoU, both the bodies would share and exchange all trade-related data for increasing the competitiveness of goods and reducing cost of doing business. APBF and PTEA would also cooperate in preparation of proposals for economic uplift of the country and would conduct joint research studies to develop industries across the country.

APBF President Syed Maaz Mahmood, addressing the meeting, said that both the associations would forward joint proposals to the federal government for the budgets in future.

He said that efforts would also be made for attracting investment for reconstruction opportunities zones. He said that harmony between the two leading bodies would help solve the problems being faced by the business community in the country.

Maaz Mahmood observed that the All Pakistan Business Forum has already signed the MoUs with different organizations, including the Italian National Organization for Pakistan & Italy (ANIP) to bolster business activities between Pakistan and Italy. The MoU was aimed at improving trade, commerce and economic relations between Pakistan and Italy, besides adopting a new strategy for exchange of information relating to their respective markets, he added.

He said that collaboration between APBF and PTEA would go a long way in resolving the issues being faced by the business community. He said that there is a dire need to boost stagnant exports of the country.

PTEA Secretary General Azizullah Goher, on this occasion, observed that issues of refunds and duty drawback should be resolved at the earliest. He said that both the associations would also work together for the promotion of SME sector. The participants from both sides also vowed to work jointly to identify snags affecting trade and industry in the country.