Australia, Pakistan eye $3b trade

The Express Tribune reported that Australian High Commissioner Timothy Kane expects negotiations on an updated Pakistan-Australia Bilateral Investment Treaty to finish by December. Kane made the remarks while addressing the Lahore Chamber of Commerce and Industry, and said the 1998 agreement must keep pace with changes in both economies. He argued the update could draw more Australian investment into Pakistan.

State Bank of Pakistan data shows goods trade between the two countries shrank to $672 million in 2025-26 from $973 million a year earlier. Pakistani exports slipped to $275 million from $285 million, while imports fell to $397 million from $688 million. LCCI President Faheemur Rehman Saigol wants joint action to reverse the decline and has set a goal of at least $3 billion in bilateral trade.

Saigol also wants the Joint Trade Committee convened soon, noting it has not convened since March 2023. He pushed for preferential trade talks, since several competing countries already enjoy duty-free access to Australia. Kane called farming a key pillar of bilateral ties, noting that farm trade between the two countries reached nearly one billion Australian dollars last year. Australia looks forward to exporting GMO canola following Pakistan's approval, and Pakistan will send a team to Australia next month to explore pulses.