In a positive development, Pakistan mulls Free Trade Agreement with the CAR states

Pakistan has proposed for Transit Trade Agreements (TTAs) between themember countries of the Central Asia Regional Economic Cooperation (CAREC)leading to the Regional Free Trade Agreement (RFTA) to expand trade betweenthem.

The Federal Minister for Economic Affairs, Makhdum Khusro Bakhtyar,participated in the virtual 19th Ministerial Conference of the CAREC, andthe ministers and senior representatives of Afghanistan, Azerbaijan, China,Georgia, Kazakhstan, the Kyrgyz Republic, Pakistan, Mongolia, Tajikistan,Turkmenistan, and Uzbekistan also took part in it.——————————

Khusro Bakhtyar highlighted the significance of regional cooperation likethrough CAREC for Pakistan in achieving the shared goals of sustainabledevelopment and economic growth. He also reiterated the importance ofregional connectivity through road networks, railways, aviation, and portsin unleashing the trade and tourism potential of the region.

While endorsing the framework, he emphasized that by setting specific,measurable, attainable, relevant, and time-bound (SMART) targets withactive monitoring and annual reporting, the members could effectivelymonitor the progress leading to the implementation of CAREC’s Vision 2030.

The minister also remarked that tourism is a part of the NationalDevelopment Policy of the Government of Pakistan and that the sectorcontains immense untapped potential. He suggested the development of aregional tourism corridor, the establishment of a CAREC Business Council,and the increased involvement of the private sector in promoting tourismwhile highlighting the incumbent government’s focus on facilitating theprivate sector for increased investment.

The minister also suggested the creation of an enhanced visa facilitationregime in the form of a “CAREC Sticker” for certain categories within theregion. He stated that in order to expand trade between the CARECcountries, Transit Trade Agreements between member countries leading to theRegional Free Trade Agreement (RFTA) may be considered.

Minister Bakhtyar endorsed CAREC’s long-term strategies to promote regionaltourism and gender mainstreaming.

Furthermore, the CAREC enables its member countries to share their viewsand provide input for the long-term strategic frameworks to achieve theirenvisaged regional cooperation goals.

Minister Bakhtyar also suggested that the CAREC should conductcomprehensive studies to identify the underlying gaps and include roadmapson mutually beneficial topics.