PTA or FTA agreement could open up Rwanda’s market for Pakistani exports, including textiles, leather, fruits, vegetables, rice, sports goods, surgical equipment, and IT services
By Abdul Rafay Siddiqui
KARACHI: Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Aman Paracha, has reported a productive discussion with Naeemullah Khan, Pakistan’s Ambassador to Rwanda, regarding the enhancement of economic and commercial relations between Pakistan and Rwanda. The FPCCI has pledged to support initiatives such as investment facilitation, joint ventures, and chamber-to-chamber linkages between the two countries.
Aman Paracha highlighted Pakistan’s significant tea imports, totaling $600 million annually, and suggested exploring diverse bulk suppliers to mitigate foreign exchange expenditures. As one of the world’s top five tea-importing countries, Pakistan is looking to negotiate a Preferential Trade Agreement (PTA) with Rwanda, potentially leading to a Free Trade Agreement (FTA). Such an agreement could open up Rwanda’s market for Pakistani exports, including textiles, leather, fruits, vegetables, rice, sports goods, surgical equipment, and IT services.
Ambassador Naeemullah Khan briefed on Rwanda’s untapped market potential, comparing it to the “Singapore of Africa.” He recommended that the FPCCI President request a visit to Rwanda’s Plant Protection Department to secure the necessary approvals and certifications for Pakistani exporters. This would facilitate bulk tea purchases at lower rates.
Additionally, Ambassador Khan advised registering Pakistani products in Rwanda’s market, which could enhance recognition across neighboring African countries. He noted that while Rwanda offers advanced banking channels comparable to European and U.S. standards, it has higher interest rates of 16-18 percent. This issue, particularly regarding Letters of Credit (LCs) not being accepted by Pakistani banks, requires resolution.
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