The apex trade bodies of Bangladesh and Pakistan signed a memorandum of understanding (MoU) yesterday to form a joint business council to strengthen trade between the two countries.

Hafizur Rahman, administrator of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), and Atif Ikram Sheikh, president of the Pakistan Federation of Chambers of Commerce and Industry (FPCCI), penned the deal.

Syed Ahmed Maroof, Pakistan's high commissioner to Bangladesh, was present at the signing ceremony, titled "Bangladesh-Pakistan Business Forum", at Pan Pacific Sonargaon Dhaka.

The FBCCI organised the event, where business leaders stressed taking joint initiatives to avail untapped potentials of trade and investment between Bangladesh and Pakistan.

The Pakistan High Commission in Dhaka, in a statement, said the joint business council would serve as a platform for the exchange of trade and investment information and the formation of business delegations.

It will also enable the participation of businesses in trade exhibitions in both countries and oversee other initiatives aimed at promoting economic cooperation and unlocking the potential for mutual growth, it said.

The Pakistani high commissioner termed the initiative as a step forward towards facilitating businesses on both sides, encouraging collaboration, and enhancing bilateral trade ties.

The FBCCI administrator said although there had been continuous growth in trade and commerce between Bangladesh and Pakistan in the past years, many potential sectors, including agriculture, textiles, medicine, and ICT, remain unexplored.

"It is possible to increase trade and commerce between the two countries manifold through joint initiatives," he said.

He stressed utilising the South Asian Association for Regional Cooperation (Saarc) and the Organization of Islamic Cooperation (OIC) to strengthen the bilateral trade relations.

The FPCCI president said there was ample opportunity for the two countries to work together, especially in the agriculture, pharmaceutical, leather, machinery, chemical, and ICT sectors.