Ministry of Commerce and Textile Industry is committed to evolving competitive environment to provide ease of doing business for local traders to enhancing the country’s exports.
Priority of the government was to promote trade liberalization for searching new potential markets in different regions of the world to increase the country’s trade, Commerce and Textiles Industry Secretary Muhammad Younas Dhaga said here on Sunday.
He said that Pakistan has started initial negotiation for proposed Free Trade Agreement (FTA) with Vietnam and Indonesia to explore the potential markets of South East Asia, Dhaga said.
Replying to a question, he said the 9th round on FTA negotiation would start between Pakistan and Thailand by November 6-8 in this year, in which both sides would present the complete offer list of Free Trade Agreement (FTA), for reaching the final agreement.
He said both sides had exchanged the final offer lists of items for free trade, including automobile and textile sectors in order to remove the reservations of both sectors, Pakistan wants concession on 100 products on textiles, agro-products, plastic and pharmaceuticals as same Thailand granted to other FTA partners in these products, he said.
While talking on second phase of Pak-China FTA, he said China has agreed to provide market access to 65 items, shared by Pakistan besides providing concession on all items included in the offer list.
He added that coming round of negotiation with China under 2nd phase of FTA will be held in first week of January, 2018 in Islamabad. This acceptance came during the negotiations held under 2nd phase of Pak-China Free Trade Agreement (FTA) in China.
He said that Pakistan was desirous to have duty relaxation on 65 products before launching the phase-II as the same China has given to Association of South East Asian Nation (ASEAN) countries.
Replying to another question regarding “The Marine Insurance Bill 2017”, he informed that before approval of this bill from senate committee of the commerce Pakistan did not have a law to deal with marine insurance, adding that trade was carried out on the basis of old British Marine Act, 1906. He said that before in maritime trade insurance rules were followed by the Insurance ordinance 2002.
He said that “The Marine Insurance Bill 2017” to legislate the Marine Insurance Act had been drafted, which would cover the subjects including marine insurance, insurable interest, insurable value, disclosure and representation.
