Pakistan to Start Trade Agreement with 5 Countries - Japan, Indonesia, Vietnam, Philippines and Kenya – Research Snipers

Pakistan to Start Trade Agreement with 5 Countries – Japan, Indonesia, Vietnam, Philippines and Kenya

In order to increase the exports of the country, Pakistan is ready to enter into trading deals with five countries in the Pacific and African region. The five countries are namely Japan, Indonesia, Vietnam, Philippines, and Kenya. As per Pervaiz Malik the Commerce Minister the Pakistani government wants to start preferential trade agreement (PTA) with the above mentioned five countries.

The government of Pakistan is looking for new trading partners and markets for the purpose of diversification and exploration. The country is giving more benefits to the exporters. Malik said that the year-on-year export growth is quite satisfactory of Pakistan. The exports in March 2018 were 24% higher in comparison to export in March 2017. The exports in March 2018 amounted to $2.23 billion. Also in comparison to February 2018, they were 17% higher.

Pervaiz Malik said, “The 24% increase in exports, the highest in four years, is the result of the duty drawback scheme under the PM package as well as the exchange rate adjustment, export-friendly policies and renewed efforts towards seeking better market access.”

Malik said that the government will give all necessary facilities to the exporters so that trade & commerce booms in Pakistan.

Adding, “Improved market access, especially in the European market owing to the successful review of GSP Plus facility, also played an important role.”

Though exports increased by 24% in March 2018, the imports just increased by 5% in comparison to March 2017. It is also the lowest growth in import in past many months.

Currently Pakistan, China trade is surging under CPEC. Masood Khalid the Pakistan Ambassador to China said: “Currently, China is Pakistan’s largest trading partner and foreign investor.”

Vietnam, one of the countries mentioned above with whom Pakistan wants to start preferential trade agreement also wishes to take current $700 million trade with Pakistan to $1 billion by enhancing bilateral economic relationships with Pakistan.

Read more: Vietnam wants to increase trade with Pakistan and take it to $1 billion