Beirut, 28 July 2022 (TDI): Pakistan and Lebanon signed an agreement for the Establishment of the Joint Economic Commission(JEC) in Beirut.
The Agreement for Establishment of Joint Economic Commission(JEC) between Pakistan and Lebanon was signed in Beirut today. HE Amin Salam, Lebanese Minister of Economy and Trade and Ambassador Salman Athar signed the Agreement on behalf of their respective governments. pic.twitter.com/R7LJ6x6Ohj
— Pakistan Embassy Lebanon (@PakinLebanon) July 28, 2022
The Agreement was signed on behalf of each country by Amin Salam, Lebanon’s Minister of Economy and Trade, and Ambassador Salman Athar, Ambassador of Pakistan to Lebanon.
In order to improve relations and collaboration in areas like trade, investments, education, research, and technology, agriculture, tourism, information, broadcasting, etc., the agreement aims to establish a bilateral consultative structure.
Further, by creating the Joint Economic Commission (JEC), the two nations consent to information sharing for trade promotion. The aim is reciprocal business delegation trips, market research, and trade shows.
This joint economic commission will increase job opportunities and the bond between Pakistan and Lebanon will get stronger. In addition, the trade will increase, and business opportunities will increase for the entrepreneur.
Minister Amin Salam stressed the significance of the JEC during the ceremony as a further step toward strengthening economic ties and commercial ties between the two nations for mutual gain.
Ambassador Salman Athar, on the other hand, reaffirmed his nation’s commitment to enhancing the current bilateral relationship with Lebanon.
Additionally, he also made clear that the JEC will foster communication and cooperation on common and upcoming economic investment and trade priorities.
Pakistan and Lebanon Relations
Lebanon and Pakistan first established diplomatic ties in the 1950s. Both nations have common views on important international issues and have close links of fraternity.
Over time, Pakistan and Lebanon’s bilateral relations are becoming more stable. Exports from Pakistan to Lebanon have fallen over the past 23 years at a yearly rate of 0.53 percent. They have dropped from $12.2M in 1997 to $10.8M in 2020.
Moreover, exports from Lebanon to Pakistan have grown at an average rate of 12 percent over the past 23 years. The growth is from $192k in 1997 to $2.6M in 2020.
Close, cordial ties exist between Pakistan and Lebanon. Beirut is home to the Pakistani Embassy. In Islamabad, Lebanon has an Embassy. In conclusion, Both nations have affiance with the Organization of Islamic Cooperation.