- Cabinet Endorses Agreement Under ‘Look Africa’ Policy to Strengthen Trade and Investment Links
ISLAMABAD: The Federal Cabinet of Pakistan has approved the signing of a Memorandum of Understanding (MoU) on Trade with Rwanda, marking a significant step toward strengthening bilateral commercial relations under Pakistan’s Look Africa Policy.
The non-binding MoU is designed to establish an institutional framework for enhancing trade cooperation between the two countries. It will facilitate regular dialogue on trade matters, encourage stronger engagement between the business communities, and create new opportunities for expanding bilateral commerce.
Joint Working Group to Drive Trade Cooperation
Under the agreement, Pakistan and Rwanda will establish a Pakistan-Rwanda Joint Working Group on Trade, which will serve as the primary platform for advancing economic collaboration.
The MoU also provides for:
- Regular official consultations on trade and economic issues.
- Enhanced cooperation between chambers of commerce, trade associations, and private-sector stakeholders.
- Promotion of business-to-business engagement aimed at increasing trade and investment opportunities. MoU Replaces Earlier Bilateral Trade Agreement Proposal
The decision follows years of consultations between the two countries. Pakistan initially shared a draft Bilateral Trade Agreement (BTA) with Rwanda in July 2018 to formalize trade relations.
After multiple rounds of diplomatic consultations, inter-ministerial discussions, and virtual meetings between officials, both governments agreed that a broader and more flexible Memorandum of Understanding would better serve their evolving economic partnership. Consequently, the proposed BTA has been replaced by the new MoU framework.
Signing Expected in the Coming Weeks
The official signing of the Pakistan-Rwanda Trade MoU is expected to take place in the coming weeks, paving the way for closer institutional cooperation and reinforcing Pakistan’s efforts to expand trade ties with African nations as part of its broader Look Africa Policy.
BY: The Times Union
