Pak request for Mercosur FTA to be taken up in early 2019

12 Jan '19

1 min read

Pakistan’s request for signing a free trade agreement (FTA) will be taken up by the Mercosur in early 2019, offering Islamabad a chance to bridge the trade deficit with the Latin American trading bloc comprising Argentina, Brazil, Paraguay, Uruguay and Venezuela. This was revealed during a meeting with a delegation led by Argentinian ambassador Ivan Ivanissevich.

Pakistan had signed a framework agreement on trade with Mercosur in 2006, aiming to sign a preferential trade agreement (PTA) leading to a free trade agreement (FTA), according to commerce secretary Younus Dagha.

The textile industry will also be benefited, he said.

He said Pakistan has an annual trade of $1 billion with Mercosur countries and trade with Argentina stands at $200 million, which has the potential to rise to $800 million, according to Pakistani media reports.

The commerce ministry sees a huge scope of technical assistance and investment from Brazil and Argentina in agricultural conservation and food processing in Pakistan.

Both the sides could mutually benefit by enhancing cooperation in chemical and pharmaceutical sectors, especially in the value chain and import regulations and certifications in the pharmaceutical sector, according to the ministry. (DS)

Fibre2Fashion News Desk – India

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