Australia, Pakistan eye $3b trade

Pakistan's exports to Australia fell from $285 million to $275 million, while imports dropped from $688 million to $397 million. LCCI President Faheemur Rehman Saigol urged joint efforts to reverse this trend and set a target of taking bilateral trade to at least $3 billion.

Pakistan's exports to Australia mainly comprise home textiles, apparel, rice, surgical instruments and sports goods. Industrial workwear, safety gloves, auto parts, engineering goods, leather products, spices, pink salt, marble and furniture were identified as promising areas for export expansion.

Saigol called for the early convening of the Pakistan-Australia Joint Trade Committee, which has not met since March 2023, and negotiations on a preferential trade arrangement, pointing out that several competing countries enjoy duty-free access to Australia while Pakistani exporters do not.

The mining and mineral sector offers significant opportunities for joint ventures, as Pakistan possesses substantial mineral resources while Australia has world-class expertise in exploration and mineral processing. Education and skills development, particularly vocational education, technical training and digital skills, were identified as another key area for bilateral cooperation.

Kane said agriculture remained a major area of cooperation, with Australian agricultural trade with Pakistan worth almost one billion Australian dollars last year. He said more than 100,000 Australian cattle had been exported to Pakistan, with most going to Punjab, and Australian cattle genetics could significantly improve milk production.

Australia is looking forward to exporting GMO canola to Pakistan following the country's approval of genetically modified canola. A Pakistani delegation will visit Australia next month to examine opportunities in pulses.