A nine-member high-level delegation from Pakistan arrived here on Monday morning to hold talks on Free Trade Agreement (FTA) with Chinese officials from October 10. The Secretary Commerce Syed Asif Shah is leading the delegation, while the other members comprise Joint Secretary, Ministry of Commerce Shahid Bashir.
He is also the chief negotiator, General Manager Board of Investment Riazul Haq, Teepu Mohabat Khan, Joint Secretary, Textile Ministry, Shujauddin, Additional Collector Customs, CBR, Naeem Anwer, Deputy Secretary Ministry of Commerce, besides representatives from Ministry of Food and Agriculture, Ministry of Industries and Special Initiatives.
The Vice Minister, Ministry of Commerce Yi Xiaozhun will lead the Chinese side. According to Dr Naeem Khan, Counsellor Commercial and Economic, Pakistan Embassy, this would be the fourth round of negotiations on FTA. He said that the talks on FTA would continue for next three-day.
Before, leaving for China, a senior official of the Commerce Ministry told APP in Islamabad that they were looking forward to expedite the negotiation process in order to complete it by the year end. The FTA will be a major step forward expanding the scope of import-export between the two friendly countries.
Both the countries enjoy most favourable environment to conclude a mutually beneficial agreement because of their excellent diplomatic relationship, the sources said, adding they are prepared to accommodate each other upholding their overall business interest.
FTA was raised at a time when such trade arrangements are becoming increasingly popular and the two countries have stepped up their efforts to strengthen their economic ties.
Pakistan pinned great hope on FTA, also for correcting its balance of trade position with China. Over past few years, China-Pakistan economic and trade relations have developed quickly. In 2005, bilateral trade reached US $4.26 billion, up by 39 percent as compared to 2004.
Trade between China and Pakistan amounted to US $1.018 billion in January to March this year, up by 42.3 percent as compared with the same period last year. By March 2006, contractual investment of China in Pakistan was US $100 million, turnover of overseas projects was US $6.9 billion.
Pakistan invested US $24.31 million in China in all. The enhancement of the bilateral ties reflects the political will of the two governments and also the aspiration of the two peoples, the sources said, adding that it serves the fundamental interests of two sides and is conducive to peace and prosperity in the region.
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