Pakistan anticipates that regional free trade agreement, South Asian Free Trade Area (SAFTA) to come in force from January, next year.
The South Asian Association for Regional Cooperation (SAARC) in its meeting in January 2004 had declared January 2006 for the implementation of South Asian Free Trade Area (SAFTA). Under SAFTA agreement the tariffs for inter-regional trade among the seven SAARC members will reduce. SAARC includes seven member countries; India, Pakistan, Bangladesh, Bhutan, India, Maldives and Sri Lanka.
The 13th SAARC summit has been postponed twice due to the tsunami disaster and Indian decision to delay the summit last month following the developments in Nepal and Bangladesh. Khan explained that if progress on political issues is made, it will surely be made on trade and economic issues.
Pakistan has also planned free trade agreement with many more countries, which includes Iran, Indonesia, Singapore, Malaysia, Nepal, Bangladesh, Laos, and Turkey along with South American countries with an aim to raise exports from the country, opined Khan.
The minister also informed that the priority countries have been selected in Central Asia, Latin America and Africa to increase exports and an initiative to establish ware houses in these countries is being finalized for the purpose. For this, duty has already been reduced upto zero percent in five sector including textile, leather, garments, gem and stones and plastic.
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