The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) have signed the Memorandum of Understanding (MoU) to promote economic and commercial relations between the two countries. The statement issued here on Wednesday said, the MoU was signed by Akbar Abdullah, Vice President of the FPCCI and U.Aumg Lwin, Vice President of the UMFCCI on behalf of their respective organisations at Federation House here on Wednesday.

U.Aung Lwin, who led a 16-member delegation to the meeting with the FPCCI members, said that Myanmar's foreign trade is mainly with Asian countries, more than 70 percent of its total export and about 90 percent of its imports are with the region.

He said that Myanmar has bilateral trade agreements with Pakistan, Korea, China, Thailand, Bangladesh, India, Vietnam, Laos, Philippine, and Malaysia in Asia and with six countries of the Eastern Europe.

Akbar Abdullah hoped that the signing of the MoU between the FPCCI and the UMFCCI would lead to greater exchange of goods between the two countries, the statement said.

Copyright Business Recorder, 2005