Business Recorder, Pakistan

Joint declaration on cooperation between Pakistan, EFTA member states

16 November 2012

Posted by Abdul Ahad

APP/ISLAMABAD: Senior Minister for Commerce Mr Makhdoom Muhammad Amin Fahim today held a press briefing on "Joint Declaration on Cooperation between the Islamic Republic of Pakistan and the EFTA State" here on Thursday in the Ministry of Commerce at Pak Secretariat.

He was accompanied by Secretary Commerce Mr. Munir Qureshi.

Pakistan & EFTA States have signed a joint declaration on Cooperation on 12th November, 2012 in Geneva Switzerland.

It was signed by Mr. Shahid Bashir, Ambassador to WTO on behalf of Government of Pakistan.

The joint declaration envisages setting up a joint trade committee comparing trade officials from both sides which will explore the possibilities of enhancing trade through Free Trade Agreement.

It is expected that FTA with EFTA will provide enhanced market access to Pakistani goods but will also encourage the investors from EFTA states to invest in Pakistan.

The EU had announced trade concessions for Pakistan to help its economy recover from losses it sustained during floods of 2012. The matter required a waiver from WTO laws.

Ministry of Commerce & Ministry of Foreign Affairs jointly launched a lobbying strategy to neutralize the opposition and to allay the concern of objecting countries.

As a result WTO waiver was obtained on 14th February, 2012. The package contains 75 products, 26 products will be subjected to tariff quotas.

The duty free concessions will be available till 13th December, 2013. It is estimated that if we are able to fully utilize the trade concessions there will be an increase of about 480 Million Euros of exports to EU.