Nigeria, Pakistan To Sign Trade Protection Treaty, August

Nigeria and Pakistan are to sign a Trade and Investment Protection Treaty in August to further promote economic cooperation between both countries.

The Pakistani Ambassador to Nigeria, Mr Ahmed Sirohey, disclosed this to newsmen on Sunday in Abuja at the end of a three-day textile and jewellery exhibition organised by the embassy.

Sirohey said the treaty would be signed alongside other Memorandum of Understanding on cultural exchange, tourism promotion and visa relaxation policy for investment.

He also said that at the August meeting, the ministries of trade and commerce of both nations would establish a joint ministries commission to drive the economic partnership.

The ambassador, who put the current trade volume between Nigeria and Pakistan at 101 million dollars (N1.62 billion) said 74 million dollars represented Pakistani exports to Nigeria, while his country bought goods worth 27 million dollars in return.

According to him, the transaction was mainly in pharmaceuticals, textiles and auto parts from Pakistan, while Nigeria sold petrochemicals, oil palm and gum Arabic.