Pakistan to become member of ADB led new Central Asian Trade bloc

Pakistan to become member of ADB led new Central Asian Trade bloc

ISLAMABAD - Pakistan is going to become the member of multi literal Asian Development Bank trade block.

Asian Development (ADB) Bank has decided to make multi-literal trade credit, investment (re-guarantee) agency for the creation of new trade blocks in 17 countries of Central Asian states, including Pakistan and India.

The trade block will also make a contract to increase cooperation in investment and financial sectors, though, ADB Executive Board has approved technical and financial assistance.

The block includes Pakistan, China, India, Afghanistan, Armenia, Azerbaijan, Bangladesh, Bhutan, Georgia, Kazakhstan, Kyrgyzstan, Maldives, Mongolia, Nepal, Sri Lanka, Tajikistan, Turkmenistan, Uzbekistan.

ADB, modeled closely on the World Bank, and has a similar weighted voting system, revealed that this new trade block would make the able to developing countries to do business at low-cost, short-term and soft conditions, however, excluding China and India, all other countries including Pakistan are facing barriers in the sponsorship of trade and financial facilities while their financial support system is also inhibit for the promotion of commerce and investment.