MoC starts thor­ough re­view of all trade pacts

Pakistan Observer - - ECONOMY WATCH - STAFF REPORTER

IS­LAM­ABAD—The Min­istry of Com­merce (MoC) has started a thor­ough re­view of all the trade pacts through which Pak­istan con­ducts its trade on prefer­able terms with other coun­tries on bi­lat­eral ba­sis. The re­view will be con­ducted through mul­ti­ple means of stake­hold­ers’ con­sul­ta­tions and the anal­y­sis of trade data avail­able. This will help pro­vide clear guide­lines to the pol­icy mak­ers on which the coun­try will ne­go­ti­ate fur­ther trade agree­ments. This de­ci­sion was taken by the Min­is­ter for Com­merce, Engr. Khur­ram Dastgir Khan af­ter chair­ing a high-level meet­ing in the Min­istry of Com­merce.

Pak­istan is sig­na­tory to Free Trade Agree­ments with China, Sri Lanka and Malaysia and Pref­er­en­tial Trade Agree­ments with Iran, In­done­sia and Mau­ri­tius.

Th­ese Agree­ments were signed in the pre­vi­ous decade thus­pro­vide a suf­fi­cient time frame to as­sess the ef­fi­cacy of th­ese agree­ments. Now Pak­istan is in the process of ne­go­ti­at­ing Free Trade Agree­ments with Thai­land, Turkey, South Korea and Iran which will broaden the trad­ing op­por­tu­ni­ties for Pak­istani busi­ness­men.

The meet­ing noted that Pak­istan’s trad­ing part­ners have ne­go­ti­ated bi­lat­eral and mul­ti­lat­eral trade pacts with other coun­tries thus se­cur­ing greater mar­ket ac­cess. It also ob­served that the de­mand for en­hanced mar­ket ac­cess should arise from the do­mes­tic in­dus­try.

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