The Federation of Pakistan Chambers of Commerce and Industry on Saturday opposed the signing of a Free Trade Agreement with the United Arab Emirates which, it said, would ruin the local industry by inundating the domestic market with foreign, cheap products.
Amid calls to make public the draft of bilateral investment treaty, the government claims that it has gained much and lost nothing to the United States as Washington has agreed to first taking any business dispute to Pakistani courts for settlement.
Pakistan’s ministry of commerce has opposed the proposed bilateral investment treaty with Canada on a number of grounds as the controversial clause of covered investment is only to favour Canadian companies, The News learnt reliably on Thursday.
The signing of Bilateral Investment Treaty (BIT) will not bear fruit without signing Free Trade Agreement (FTA) between Pakistan and United States of America (USA).
Domestic manufacturers are having nightmares as the tariffs of imported finished goods from South Asian Free Trade Agreement (SAFTA) member countries would come down to five percent from the next fiscal year, while the duties on raw materials used to produce same products remain much higher, an official said on Saturday.
President Asif Ali Zardari has said that Pakistan is now ready to engage with the European Union (EU) on Generalised System of Preferences (GSP) plus and a Free Trade Agreement.
Indian market has huge potential for Pakistani items, but experts are discussing India’s import impact on domestic economy, ignoring the potential of services sector exports to that country, according to speakers of a seminar on Thursday.
Islamabad and Seoul can raise bilateral trade up to $3 billion, for which both governments should expedite negotiations to sign a free trade agreement and encourage the visit of business delegations and exhibitors from either side, said a press release obtained from the Karachi Chambers of Commerce and Industry (KCCI) on Thursday.
An official delegation of Pakistan led by Secretary Commerce has discussed tariff preferences and reduction of non tariff barriers with the officials of the European Free Trade Association (EFTA) member in Geneva.
Almost a year after he visited Pakistan to lay the foundation for a change in trade relations between the two neighbours, commerce secretary Rahul Khullar tells Sidhartha things have moved faster than anticipated.
The draft of the Pak-US Bilateral Investment Treaty (BIT) has been sent to the Pakistani cabinet for approval, official sources told The News on Monday.
The government has decided to exclude financial services from the SAARC agreement on trade in services, following strong objection from the Reserve Bank of India, or RBI. The central bank has argued that India has already allowed access to foreign banks under the World Trade Organization agreement.
India and Pakistan will soon begin discussions on a preferential trading arrangement to lower import duties on an array of goods. The talks will be held under ambit of South Asia Free Trade Agreement (SAFTA) signed eight years ago between member states of South Asian Association for Regional Cooperation (SAARC), a senior Indian official said on Saturday.
Pakistan and Morocco should finalise Free Trade Agreement (FTA) as it is conducive to enhance overall trade, which provides comprehensive and legally binding protection to foreign capital, repatriation of principal amount and the profits.
Though trade agreements like Preferential Trade Agreement (PTA) or Free Trade Agreement (FTA) are yet to be signed Pakistan and Turkey despite the claims from both sides for the last eight or so years, visiting Turkish steel exporters have stressed the need for just such agreement in order to boost bilateral trade.
The Federal government’s decision to liberalise trade with India and cabinet approval to eliminate negative list by year end are going to open country’s doors to Indian products whereas Pakistan has nothing significant to export India except raw gypsum, salt and dry fruits.
Special Assistant to the Prime Minister for Petroleum and Natural Resources Dr Asim Hussain on Thursday said that the Pakistan-Qatar Joint Ministerial Commission (JMC) would provide an excellent opportunity to enhance economic and trade relations between the two countries.
Indonesia has agreed to offer market access to Pakistan for 216 tariff lines on preferential rate under the Preferential Trade Agreement which was signed in Jakarta on Friday.
Indonesia and Pakistan signed a preferential trade agreement on Friday in a bid to boost bilateral economic cooperation and are expected to expand the trade deal into a free trade agreement in the near future.
The United States has said that a free trade accord is too big for Pakistan as there is no match between the economies of the two countries, says a top official of the commerce ministry.