Commerce Minister Humayun Akhtar and Foreign Ministers of Mercosur trade bloc comprising Argentina, Brazil, Paraguay and Uruguay, on Friday signed framework agreement on trade. With the signing of the agreement, Pakistan and Mercosur member states would initiate the process of negotiations to conclude a Preferential Trade Agreement (PTA), which would ultimately lead to Free Trade Agreement (FTA).
The volume of trade among Pakistan and members associate members of Mercosur, which is currently hovering around $250 million per annum, is bound to increase. The signing ceremony was part of the bi-annual Mercosur Summit.
Addressing the gathering of the Ministers and senior officials of the member and associate countries of Mercosur, Humayun highlighted Pakistan's achievements in the economic field, which have transformed it into a hub of trade with South and Central Asia.
Recalling that the idea of a FTA with Mercosur was part of President Musharraf's Latin America initiative, presented during his visit in 2004, the Commerce Minister underscored the importance of giving substance to the traditionally cordial relations between Pakistan and Mercosur countries. He referred to Pakistan's similar trade initiatives with Sri Lanka, China, Malaysia and Singapore and said that the agreement with Mercosur would further strengthen the South-South relations.
Earlier, Foreign Minister of Argentina, chairing the ministerial meeting, welcomed Pakistan's institutionalised association with the bloc. He paid rich tribute to Pakistan's significant contribution to the world economy and its role in addressing the international trade issues.
Humayun also held bilateral meetings with Foreign Ministers of Mexico and Peru and Argentina's Vice Minister for International Trade and Economic Relations. Ways to enhance bilateral economic and commercial relations and international issues of mutual interest were also discussed.
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