Pakistan, Africa target $15bn bilateral trade by 2030

Pakistan and several African countries have renewed their commitment to lift bilateral trade to $15 billion by 2030, according to Mettis Global. The pledge was repeated during the inauguration of the Pakistan-Africa Economic Council (PAEC) in Islamabad, which drew envoys and senior diplomats from a number of African states. Both sides said they intend to diversify their economic ties and explore investment opportunities that remain largely untapped.

Representatives from Rwanda, Mauritius, Morocco, Zimbabwe, Sudan, Kenya and Ethiopia took part in the event, a press release said. Speakers pointed to several Pakistani industries with room to grow in African markets and stressed the importance of closer commercial engagement. Federal Minister for Defence Production Muhammad Raza Hayat Harraj said the forum would help strengthen economic and trade relations, while Khyber Pakhtunkhwa Governor Faisal Karim Kundi described the African market and Pakistan's emerging economy as offering major scope for mutual growth.

Meeting the $15 billion goal would require a sizeable rise in two-way trade and greater diversification beyond current trade flows. Investment and market access are expected to remain the main drivers of future growth, Mettis Global added.