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Pakistan, Canada Sign Agreements to Boost Trade and Investment

Pakistan, Canada Sign Agreements to Boost Trade and Investment

Key Takeaways

  • Prime Minister Shehbaz Sharif met with Canadian Foreign Minister Anita Anand in Islamabad.
  • Agreements were signed on phytosanitary regulations governing canola imports from Canada to Pakistan.
  • Both countries agreed to hold annual progress reviews to enhance bilateral economic cooperation.

Prime Minister Shehbaz Sharif and Canadian Foreign Minister Anita Anand met in Islamabad, agreeing to deepen trade and investment ties between the two nations. The meeting took place on Sunday at the PM House in Islamabad, with key Pakistani officials present including Deputy Prime Minister Ishaq Dar and Minister for National Food Security Rana Tanveer Hussain.

During their discussions, Prime Minister Sharif expressed his desire to meet Canadian Prime Minister Mark Carney soon, recalling a recent telephone conversation. He highlighted areas of mutual interest such as trade and investment, agriculture, vaccine manufacturing, renewable energy, and the automobile sector. Sharif also thanked Canada for supporting Pakistan’s efforts towards regional peace.

Foreign Minister Anand conveyed greetings from Canadian Prime Minister Carney, emphasizing her visit aimed at broadening Canada's engagement with Pakistan. She expressed interest in exploring new avenues of cooperation, particularly in agriculture, mining, energy, and the automotive sector. Both leaders acknowledged the importance of the Foreign Investment Promotion and Protection Agreement (FIPPA), which was noted to boost Canadian investors' confidence in Pakistan.

The meeting also focused on strengthening people-to-people ties through a vibrant Pakistani diaspora in Canada. The two sides agreed to exchange delegations in trade and minerals sectors, identifying mutually beneficial opportunities for enhanced bilateral economic cooperation. A protocol on phytosanitary regulations governing the import of canola from Canada to Pakistan was signed during the meeting.

Following the bilateral discussions, Deputy Prime Minister Ishaq Dar and Canadian Foreign Minister Anita Anand witnessed the signing of the agreement. Both leaders agreed that regular reviews would be held annually to ensure sustained momentum in their mutually beneficial partnership. The next such review is expected to take place within a year’s time.

In a press release issued by Pakistan's Foreign Office, it was stated that Pakistan and Canada maintain cordial bilateral relations enriched by close people-to-people ties and a vibrant Pakistani diaspora in Canada. This diplomatic visit underscores the shared commitment from both Ottawa and Islamabad to expand mutual cooperation across multiple sectors.

The meeting also touched upon regional tensions in the Middle East, with both leaders discussing efforts to promote peace and stability in the region. The discussions highlighted the importance of maintaining open lines of communication and collaboration between Pakistan and Canada on various fronts.