Islamabad: Pakistan and Canada have agreed to expedite negotiations on a Foreign Investment Promotion and Protection Agreement (FIPA) and to enhance bilateral trade cooperation in key sectors. This agreement came during a meeting between Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, and Canada’s High Commissioner to Pakistan, H.E. Tarik Ali Khan.
According to Press Information Department, the meeting at the Ministry of Commerce was attended by senior officials, including Secretary Commerce Jawad Paul. Both parties expressed their commitment to transforming political goodwill into stronger commercial and investment ties. They agreed that the upcoming FIPA negotiation round, scheduled for the first week of October, would be crucial for resolving outstanding issues and making substantial progress in finalizing the agreement.
The Canadian High Commissioner emphasized that FIPA is essential for increasing Canadian investment in Pakistan by providing a secure legal framework for investors. He noted that Canadian companies see potential in Pakistan’s large consumer market, but require a reliable investment environment to engage further. Additionally, the agreement could positively impact the over 300,000 Canadians of Pakistani origin, who could contribute to investment and business connections.
Minister Jam Kamal Khan assured Canadian officials of Pakistan’s dedication to addressing investor concerns and directed his team to prepare for the next negotiation round. The meeting also explored opportunities in clean energy, with Canada proposing a hybrid renewable-energy project in Jhimpir and highlighting potential collaborations in solar and green energy solutions.
In mining, a delegation of Canadian companies is expected to attend an upcoming minerals investment forum in Pakistan. Agriculture and food security were also discussed, with both sides identifying opportunities in dairy, animal genetics, and food processing. The Canadian side emphasized the benefits of local canola seed processing, which contributes to Pakistan’s edible oil production and animal feed.
Discussions extended to aviation, highlighting the potential of PIA’s direct Toronto service and collaboration with Canadian aviation companies. Minister Jam Kamal Khan pointed out Pakistan’s strategic location and market growth as attractive prospects for Canadian businesses.
The Canadian High Commissioner reiterated Canada’s interest in diversifying trade with Asia and agreed to maintain close coordination with Pakistan to achieve tangible results in forthcoming investment negotiations.