KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Abdul Rauf Alam on Thursday welcomed the implementation of preferential trade agreement (PTA) among the Developing-8 countries from July this year.
Alam, who is also a chairman of the D8 Chamber of Commerce and Industry, in a statement declared that it was an important milestone for the promotion of multilateral trade and a great achievement for Pakistan’s trade prospects.
D-8 is an organisation for development cooperation among Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey.
Alam said it was a good opportunity for all members to enhance their intra-trade to the tune of $500 billion up to 2018 which is currently $120 billion.
He also said the countries should further resolve the issues for the establishment of joint arbitration, development of trade corridors and visa simplification.
“The strengthened intra trade and economic relations will provide a boost to the economies of Islamic countries,” he said.