D-8 mem­bers to im­ple­ment decade pend­ing PTA from July 1, 2016

The Pak Banker - - FRONT PAGE -

The De­vel­op­ing-8 mem­ber states in­clud­ing Pak­istan on Wed­nes­day de­cided to im­ple­ment its ten-year pend­ing Pref­er­en­tial Trade Agree­ment (PTA), in or­der to pro­pel trade from ex­ist­ing US $ 120 bil­lion to US $ 500 bil­lion for the ben­e­fit of the peo­ple of the mem­ber coun­tries.

This was an­nounced by Min­is­ter for Com­merce Khur­ram Dasta­gir Khan at a press con­fer­ence af­ter the con­clu­sion of the two-day 2nd Trade Min­is­ters Coun­cil Meet­ing and 4th meet­ing of the Su­per­vi­sory Com­mit­tee of D-8 mem­ber states in­clud­ing Pak­istan, Bangladesh, Iran, Turkey, In­done­sia, Malaysia, Egypt and Nige­ria. The min­is­ter re­called that PTA was agreed in 2006 but was not im­ple­mented de­spite the lapse of ten years. The D-8 meet­ing was or­ga­nized by Min­istry of Com­mence Govern­ment of Pak­istan as its Chair­man to dis­cuss ways and means to fur­ther pro­mote bi­lat­eral trade among the mem­ber coun­tries

Sec­re­tary Gen­eral of D-8, Dr Syed Ali Mo­ham­mad Mousavi and Ad­di­tional Sec­re­tary For­eign Trade Robina Athar were also present on the oc­ca­sion. Min­is­ter for Com­merce Khur­ram Dasta­gir Khan said that all D-8 mem­ber coun­tries were also the mem­bers of the Or­ga­ni­za­tion of Is­lamic Con­fer­ence (OIC) with a pop­u­la­tion of one bil­lion peo­ple. How­ever, he said that un­der the Is­lam­abad dec­la­ra­tion, the D-8 mem­ber states have in prin­ci­ple de­cided to im­ple­ment the PTA among the mem­ber coun­tries from July 1, 2016 and give and fa­cil­i­tate mar­ket ac­cess each other as D-8 mem­ber states.

He added that Bangladesh and Egypt would rec­tify by the re­spec­tive gov­ern­ments for the im­ple­men­ta­tion of the PTA. Khur­ram Dasta­gir Khan fur­ther said that D-8 mem­ber states have also de­cided to share their ex­per­tise in var­i­ous fields to help other mem­ber states to boost their ex­ports through value ad­di­tion. He said Pak­istan has ex­per­tise in tex­tile sec­tor and it would share its ex­per­tise with other D-8 coun­tries. Like­wise , he said Turkey has ex­per­tise in en­vi­ron­ment and in­fra­struc­ture de­vel­op­ment and it would share its ex­per­tise with other mem­ber states for their de­vel­op­ment of trade. Other mem­ber states would also share their ex­per­tise to the mem­ber group.

The joint dec­la­ra­tions says rec­og­niz­ing trade as the vi­tal area of in­ter­na­tional eco­nomic co­op­er­a­tion and be­ing fully aware that an eq­ui­table global trad­ing regime should take fully into ac­count the con­di­tions of de­vel­op­ing coun­tries and LDCs ap­pro­pri­ate mea­sures; re­call­ing agree­ment in tak­ing nec­es­sary steps to­wards achiev­ing the ob­jec­tives and goals of D-8 co­op­er­a­tion as stated in the Roadmap to in­crease intra-trade of D-8 states to at least 15-20 per­cent of their global trade by the end of 2018. Rec­og­niz­ing the need to op­er­a­tionalise Cus­toms Agree­ment signed on May 13, 2006 in Bali, In­done­sia in or­der to help re­move tar­iff bar­ri­ers. Re­it­er­at­ing the im­por­tance of ef­fi­cient net­work­ing be­tween and among D-8 Mem­bers, trade pro­mo­tion agen­cies and pri­vate sec­tors for shar­ing best prac­tices, en­hanc­ing fair­ness and pro­mot­ing intra D-8 trade and a facilitative busi­ness en­vi­ron­ment; re­it­er­at­ing the im­por­tance of a rule-based trad­ing sys­tem, as in­sti­tu­tion­al­ized in the WTO Agree­ment as a step to­wards the ef­fec­tive and ben­e­fi­cial in­te­gra­tion of coun­tries into the global econ­omy; ap­pre­ci­at­ing the Con­tract­ing Mem­bers' ini­tia­tive in op­er­a­tional­iz­ing the Pref­er­en­tial Trade Agree­ment at the re­spec­tive na­tional level.

Fed­eral Min­is­ter for Com­merce, Khur­ram Dast­gir Khan chair­ing an in­ter-min­is­te­rial monthly meet­ing of com­mit­tee to re­view the ex­port sit­u­a­tion, do­mes­tic prices and do­mes­tic stocks of sugar in the coun­try.

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