Pakistan-GCC FTA on cards
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ISLAMABAD: (APP) Minister for Commerce Engr. Khurram Dastgir Khan Thursday said the Free Trade Agreement (FTA) with Gulf Cooperation Council (GCC) would be finalized soon for enhancing the multilateral trade.
Text of initial frame work on FTA was completed with Gulf Cooperation Council (GCC) which comprise of six countries including Saudi Arabia,Bahrain,Oman,Qatar,Kuwait and the United Arab Emirates.
The Minister this while talking to media persons in sideline of the Pakistan-Bahrain Second Business Opportunities Conference along with Minister for Commerce and Industry of Bahrain, Zayed Rashid Alzayani here.
Khurram Dastgir said that negotiation on FTA between Pakistan and six GCC states also would be discussed in coming negotiation round for concluding the agreement.
Pakistan and Bahrain were committed for trade liberalization and promotion of bilateral trade and business relations,he added.
He said that first Pakistan Behrain Business opportunities conference was held in September 2016 in Bahrain,adding that within six months, holding 2nd Pakistan Bahrain Business Opportunities Conference was a milestone to promote the mutual business activities between both of the countries.
Khurram Dastgir said that leadership of Pakistan and Bahrain was fully committed to enhance the bilateral trade and business relations.
According to Prime Minister,Muhammad Nawaz Sharif's vision, both of the brotherly countries had entered in new era of economic partnership, he added.
Priority of both sides was promoting private sector to enhance business contacts and increase trade volume,he said.
The Minister said that Pakistan was negotiating for exporting rice,meat,fruits and also investment in agro-processing unit in Pakistan.
Minister for Commerce and Industry of Bahrain, Zayed Rashid Alzayani stressed the need to enhance the trade volume between Pakistan and Bahrain.
He said that in 2015-16, bilateral trade between Pakistan and Bahrain was US$ 143.10 million including US$ 66.47 million exports from Pakistan and US$ 76.63 million imports from Bahrain, which needed to be increased.
He said that Bahrain had opportunity to concentrate on Tourism,manufacturing and services sector of Pakistan.
Zayed Rashid said that private sector would play important role to enhancing the trade volume between both of the countries.
Zayed R. Alzayani also invited Pakistan to hold food and cultural festivals in Bahrain.
