Pakistan seeks German support to ink FTA with EU

Pakistan seeks German support to ink FTA with EU

ISLAMABAD (APP): Commerce Minister, Khurram Dastgir Khan Thursday sought support of Germany for entering into Free Trade Agreement (FTA) with European Union (EU).

The minister was talking to a high ranking German business delegation led by Stephen Steinlien, State Secretary of the German Federal Foreign Office, who called on him here.

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He expressed Pakistan's willingness to enter into FTA with EU formally at EU-Pakistan joint Commission on trade.

He informed the delegation that there was an FTA with China and if EU is interested in FTA, Pakistan is willing to make transition from GSP Plus to FTA with EU which would then bring tariffs on EU products at par with China.

He said that it was right time to invest in Pakistan as it, in leadership of Prime Minister Nawaz Sharif, was successfully coming out of violent extremism and was gaining economic instability.

He said that the government was overcoming energy crisis while its public finances have been stabilized, adding the country would have better regional connectivity as a result of China Pakistan Economic Corridor (CPEC).

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On the occasion, the German companies acknowledged the fact that there has been tremendous improvement and Pakistan is more peaceful, more stable economically and showed great interest in investment in various sectors in Pakistan.

However, German companies already working in Pakistan, raised their concerns related to tariff rates in comparison with Chinese companies.

Both the sides agreed to hold further meetings to improve cooperation in commerce and trade sectors.

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