ISLAMABAD: Pakistan and Iran are mulling to establish a barter trademechanism and to promote cooperation in the fields of customs, agricultureand trade and industry, a senior official said on Thursday.
Parliamentary Secretary for Commerce Aliya Hamza Malik told the NationalAssembly that the Pakistani and Iranian authorities have set up a jointtrade committee, co-chaired by the commerce ministers of both the countries.
Malik, responding to questions, said eighth meeting of the joint tradecommittee was held on July 4, 2019 in Islamabad.
“Both the sides conducted negotiations over the establishment of bartertrade mechanism, cooperation in the fields of customs, agriculture andindustry,” she said.
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The parliamentary secretary said commerce ministry was in the process torenew the memorandum of understanding (MoU) between Trade DevelopmentAuthority of Pakistan and Iranian international exhibition body.
The MoU would help foster smooth trade flows between the two neighbouringcountries through trade promotional tools like exhibitions, exchange ofdelegations and business seminars. The secretary said the ministry has alsoinitiated negotiation for free trade agreement (FTA) with Iran. A technicalnegotiation committee has been established for this purpose.
Responding to another question, she said banning of trade with Indiabenefited the country’s growers.
Malik further said exports are witnessing growth, whilst imports have beenreduced. She said third biennial review of generalised scheme ofpreferences plus (GSP plus) scheme 2018-2020 is going to be completedtentatively this month.
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Pakistan successfully concluded two previous reviews in 2016 and 2018. Thegovernment submitted its response to the list of issues and follow-upquestions, including 10 identified priority areas to the European Union(EU), to prepare for the third biennial review.
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EU gave no such indication on the withdrawal of GSP+ status from Pakistan,she said.
“Extensive lobbying efforts with all EU missions within Pakistan and in allcapitals of EC countries, including EU headquarter at Brussels, areongoing.” Malik said the ministry of commerce launched a countrywidecampaign of awareness seminars to apprise the domestic industry aboutbusiness and export opportunities available under second phase ofChina-Pakistan free trade agreement (CPFTA-II).
Three sessions of the awareness campaign have already been held in Karachi,Lahore and Islamabad, she said.
A large number of representatives of chambers of commerce and exportersassociations of textile, apparel, leather and leather garments, footwear,animal and agricultural products, dairy, processed food, chemicals,engineering sector and women chambers of commerce actively participated inthese events. Secretary commerce shared specific information aboutbilateral trade potential under the CPFTA-II with 21 sectors, she added.
