A bilateral investment treaty (BIT) with the United States was billed to be signed during President Bush’s visit to Islamabad last month. However, the signing ceremony was put off because the US draft contained some provisions which President Musharraf said were highly objectionable and needed to be renegotiated.
The bilateral FTA would go beyond the tariff concessions provided under the SAFTA agreement.
The Asian Development Bank (ADB) has cautioned that free trade agreements between the US and many of Pakistan’s competitors in clothing exports as well as the trade diversion effect of the May 2005 inclusion of 10 East European countries in the EU (itself one of the top three T&C exporters), could affect the country’s potential gains in exports.
The United States is reluctant to give increased market access for textile to Pakistan and has conveyed that any new trading arrangement that could be finalized between the two countries would be minus textile, a senior official told the Daily Times on Saturday.
Pakistan and United States on Thursday agreed to conclude Bilateral Investment Treaty (BIT) as early as possible.
Steps are under way to set up a Pak-Canada Joint Study Group for initiating Free Trade Agreement between the two countries, as the volume of two-way trade is not up to the mark in Pakistan and Canada.
What Pakistan really needs to fight extremism is better access to US markets in order to create jobs, Pakistan’s Commerce Minister Humayun Akhtar Khan said.
The commerce minister of Pakistan will make a three-day visit to Dhaka from April 19 to attend the Safta Ministerial Council (SMC) meeting and initiate talks on signing a Free Trade Agreement (FTA) with Bangladesh.
Pakistan has decided not to give most favoured nation (MFN) status to India, even under the recently ratified South Asia free trade agreement (Safta), and has indicated that it will continue to trade with the country on the basis of a positive list.
Pakistan remains unsure of India’s role in the South Asian Free Trade Agreement as bilateral economic cooperation talks begin Monday.
A joint venture agreement between Brunei Investment Agency (BIA) and the government of the Islamic Republic of Pakistan was signed yesterday.
Pakistan and Canada said they may soon start talks on a Free Trade Agreement.
The chairman of the All Pakistan Textile Mills Association (APTMA), Punjab zone, Shafqat Elahi, has welcomed the ratification of SAFTA by the cabinet.
Commerce minister Humayun Akhtar Khan has assured that series of talks are underway and agreement between Pakistan and United States would soon be finalized to initiate free trade between the two countries.
Bangladesh and Pakistan are likely to begin negotiation on bilateral Free Trade Agreement (FTA) during a three-day visit of Pakistan Commerce Minister Humayun Akhtar Khan by the end of this month, sources said.
The proposed Pakistan-US Bilateral Investment Treaty expected to be signed during President Bush’s visit to Pakistan may increase direct US investment by 8 to 9 percent.
Dhaka and Islamabad are likely to start negotiation on bilateral free trade agreement (FTA) soon as Pakistan Commerce Minister Humayun Akhtar Khan visits Bangladesh by the end of this month.
The federal cabinet is expected to accord ex-post fecto approval to the signing of Framework Agreement between Pakistan and Indonesia on Comprehensive Economic Partnership (CEP) and its ratification on Thursday.
The signing of a Bilateral Investment Treaty (BIT) between Pakistan and the US, expected on the eve of visit of President Bush this weekend in Islamabad, has apparently been put off again as businessmen give no indication of firm answers from the US on objections raised by Pakistan on certain clauses.
US President George W. Bush said on Wednesday that a bilateral investment treaty that he is planning to sign during his visit to Islamabad will be the first step towards greater trade and commercial relations with Pakistan.