Pak­istan, Be­larus agree to en­hance bi­lat­eral eco­nomic co­op­er­a­tion

The Pak Banker - - NATIONAL - Staff Reporter

Pak­istan and Be­larus agreed to en­hance bi­lat­eral eco­nomic co­op­er­a­tion in sec­tors in­clud­ing Com­merce, In­vest­ment, In­dus­try, Agri­cul­ture, En­ergy, Health & Phar­ma­ceu­ti­cals, Education, Tech­nol­ogy and other sec­tors of mu­tual in­ter­est. Both sides agreed that in­dus­trial co­op­er­a­tion be­tween Pak­istan and Be­larus must aim at be­com­ing strate­gic part­ners in the ar­eas of value added ex­port-ori­ented in­dus­tries.

The se­cond Ses­sion of the Pak­istanBe­larus Joint Min­is­te­rial Com­mis­sion was held on 8-9th March at La­hore which was jointly chaired by the Min­is­ter for Com­merce of Pak­istan, Engr. Khur­ram Dast­gir Khan and the Min­is­ter of In­dus­try of the Re­pub­lic of Be­larus, Mr. Vi­taly Vovk.

The meet­ing dis­cussed the im­ple­men­ta­tion of the Pro­gram "Road Map of Bi­lat­eral Co­op­er­a­tion be­tween the Re­pub­lic of Be­larus and Is­lamic Re­pub­lic of Pak­istan in the Short and Medium Term", signed last year and ex­pressed their sat­is­fac­tion over the progress of im­ple­men­ta­tion of de­ci­sions.

In his meet­ing with the co-chair, the Mr. Dast­gir shared de­tails of fis­cal in­cen­tives and lib­eral in­vest­ment regime be­ing of­fered at Spe­cial Eco­nomic Zones (SEZ) and the Ex­port Pro­cess­ing Zones where Be­laru­sian en­trepreneurs can set up their pro­duc­tion units.

Be­laru­sian side as­sured its full sup­port on Pak­istani re­quest for Free Trade Agree­ment (FTA) with Eurasian Eco­nomic Union. The two sides dis­cussed the pos­si­bil­ity of ex­port­ing Pak­istani tex­tile, fruits and veg­eta­bles, phar­ma­ceu­ti­cals, sports goods and sur­gi­cal equip­ment to Be­larus as well as pro­duc­tion of some prod­ucts in Be­larus on the ba­sis of a Joint Ven­ture.

Be­larus ex­pressed its in­ter­est in ex­port­ing the heavy ma­chin­ery, linen fab­rics, bulky yarn, tyres, acrylic yarns, ph­thalic an­hy­dride, wood and wood prod­ucts to Pak­istan. A con­sen­sus was reached that re­moval of tar­iff and non­tar­iff bar­ri­ers is es­sen­tial for trade fa­cili- tation. The ab­sence of bank­ing chan­nels was iden­ti­fied by Pak­istani side as one of the big­gest non-tar­iff bar­ri­ers. The Com­mis­sion un­der­lined the im­por­tance of cre­at­ing a vi­able bank­ing mech­a­nism for car­ry­ing out ef­fec­tive eco­nomic trans­ac­tions. In or­der to es­tab­lish di­rect bank­ing links be­tween the two coun­tries a meet­ing of rep­re­sen­ta­tives of Cen­tral Banks will be held in the first half of 2016. Both sides agreed to es­tab­lish sub-group of the Joint Trade Com­mit­tee to iden­tify po­ten­tial prod­ucts for goods ex­change op­er­a­tions and agree on qual­ity and quan­tity for goods ex­change op­er­a­tions. Be­larus agreed to sim­plify visa pro­ce­dures for Pak­istani busi­ness­men in or­der to en­hance bi­lat­eral eco­nomic ties.

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