ISLAMABAD, Pakistan, Nov 23 (NNNPPI) Pakistan and Thailand will present their complete final list for a free trade agreement (FTA), in coming round of negotiations between the two sides next month, Pakistan’s Ministry of Commerce and Textile announced.
An official from the ministry told media late Thursday that both sides, aiming at increasing trade liberalisation, had exchanged the final offer lists of items for an FTA.
The official hoped, Pakistan would get benefits of 250 million U.S. dollars, after signing the FTA with Thailand.
“Pakistan wants concession on 115 products of its different exportoriented sectors, including textile, plastic and pharmaceuticals,” said the official, adding that, Pakistan had relative advantages over Thailand in some 684 commodities, including cotton yarn, woven textiles, readymade garments, leather products, surgical instruments and sports goods.
According to official data, trade between Pakistan and Thailand stood at 1,422.17 million U.S. dollars in 2017, out of which Pakistan’s exports to Thailand were only 142.85 million U.S. dollars, against imports of 1,279.32 million U.S. dollars from Thailand.
Pakistan’s incumbent government, led by Prime Minister Imran Khan, has been focusing to increase the country’s exports by negotiating with trade partners, and by providing its exportoriented industries with financial packages, to make them competent at the international market.
The Pakistani government is reportedly working on the national tariff policy for the coming five years, as part of the strategic trade policy framework 201823, for reviewing tariff lines to enhance the country’s trade.
The proposed tariff policy draft would recommend a gradual reduction in the duty on raw material and machinery imports, for exportoriented industries, the ministry said. NNNPPI
Source: NAM News Network