Cabinet approves FTA with Yemen, Mauritius
ISLAMABAD, 5 November 2004 (Online)
Federal Cabinet has approved the summary for Free Trade Agreement (FTA) between Pakistan, Yemen and Mauritius.
The summary was presented before federal cabinet after a trade delegation headed by Federal Commerce Minister Humayun Akhtar Khan attended a joint Ministerial Commission conference in Yemen and Mauritius in March 2004 and inked a Memorandum of Understanding about FTA.
Government will now arrange the visits of delegates for technical level talks between the three states and after the procedure a formal agreement between the three states will be signed by the Commerce Ministers of Pakistan, Yemen and Mauritius.
The FTA will increase the trade volume between the three countries to double the existing volume of $40 million.
This agreement will also lead to increase exports and imports between the three states.
All three nations have agreed upon to end dual tax system.
The next Ministerial Commission meeting will take place in Islamabad in 2005 and its dates will be announced later.