Pakistan has signed sixteen bilateral and regional trade agreements for propelling its exports since 2003, official sources said. Bilateral and Regional Trade Agreements commonly referred to as Free Trade Agreements (FTAs), Preferential Trade Agreements (PTAs) or Regional Trade Agreements (RTAs) are contributing to the development of global trade and take members to one step nearer to the multilateral regime, the sources said.
The Ministry of Commerce has initiated market access negotiations with various trading partners for two fundamental reasons ie seeking maximum market share for Pakistani exports in foreign markets and ensuring level playing fields for Pakistani exporters vis a vis other competing exporters who have bilateral or regional arrangements FTA or PTA trade rights in these markets, sources added.
Pakistan and Indonesia have also signed a comprehensive Economic Partnership Agreement in November 2005 to promote trade ties between the two countries. Five out of ten Member States signed the ECO Trade Agreement (ECOTA) in July 2003. The signatory members are Pakistan, Iran, Turkey, Afghanistan and Tajikistan.