Pakistan-Iran FTA crucial meeting in Tehran

Pakistan-Iran FTA crucial meeting in Tehran

Pakistan-Iran Free Trade Agreement (FTA) will be signed between the two countries after State Bank of Pakistan and Central Bank of Iran resume banking channels, a senior official of ministry of commerce told the media on Sunday.

"Joint ministerial level meeting between Pakistan and Iran to be held in Tehran on April 18, for negotiation on bilateral trade and FTA between the two countries," said the official.

"We are very much looking forward to the progress on bilateral trade and enhance export to Iran," the official said.

Talking about FTA with China, he said its second phase was also due. "However, Pakistan was desirous to have duty relaxation on 50 products before launching the Phase-II of FTA," he added.

Replying to a question, he said that Pakistan wanted relaxation on these products to protect the local market and ensure competitiveness.

He was of the view that once the Phase-II of FTA with China will be launched, it would bind both the countries to have zero tariffs. which at this stage is difficult for Pakistani economy to provide such concessions.