Pakistan, GCC negotiating free trade agreement
February 24, 2012
ISLAMABAD: Special Assistant to the Prime Minister for Petroleum and Natural Resources, Dr Asim Hussain, on Thursday, said that Pakistan and the Gulf Cooperation Council (GCC) were currently negotiating a Free Trade Agreement (FTA).
Addressing the second session of JMC here, he further said, “We would like to request the Government of Qatar for their support regarding convening of third round of Pak-GCC FTA.”
Hussain further said that the Pakistan-Qatar Joint Ministerial Commission (JMC) would provide an excellent opportunity to enhance economic and trade relations between the two countries.
He said that the present session would not only help in concluding concrete proposals to augment economic relations, but would also enable both the countries in finalising an action plan.
He said that the Pak-Qatar JMC was a useful institutional framework for an in-depth review of existing economic relations and identification of new opportunities for mutually beneficial cooperation in various fields.
He said that due to keen interest of the leadership of both countries, the JPC session was being held soon after the visit of Prime Minister Syed Raza Gilani to Qatar. He said Qatar was on the road to prosperity and had been able to strengthen its economy despite global economic recession. He further pointed bilateral trade was far below the existing potential of economies and hoped that the Pak-Qatar Joint Business Council would act as a catalyst to promote interaction between the private sectors of both countries. There are promising opportunities to enhance trade and investment, he added.
He said there were ample opportunities for Qatari investors to invest with 100 percent equity or joint ventures in various fields of renewable energy, software technology parks, cotton, textile, oil and gas, agriculture, tourism, small and medium enterprises, chemicals and infrastructure sectors. Similarly services sector is fast growing in Pakistan as well as in Qatar, he added.
He said more than 500,000 Pakistanis were contributing in the economic development of Qatar. This calls for forging closer links between the services industries of Pakistan and Qatar in terms of exchange of technology, movement of capital and the skilled manpower, he added.
He said the Pakistani exploration and production companies in oil and gas sector desired to join hands with the Qatari companies for investment in upstream and downstream projects in Pakistan.
He said Qatar would be starting mega projects in different sectors. Pakistan has good experience in designing and construction of engineering works, he added.
He said there was considerable scope between Pakistan and Qatar for cooperation in conducting feasibility studies, engineering designs and consultancy services. Large engineering and consultancy houses in Pakistan are willing to offer their services in this context, he added.
Addressing the second session of JMC here, he further said, “We would like to request the Government of Qatar for their support regarding convening of third round of Pak-GCC FTA.”
Hussain further said that the Pakistan-Qatar Joint Ministerial Commission (JMC) would provide an excellent opportunity to enhance economic and trade relations between the two countries.
He said that the present session would not only help in concluding concrete proposals to augment economic relations, but would also enable both the countries in finalising an action plan.
He said that the Pak-Qatar JMC was a useful institutional framework for an in-depth review of existing economic relations and identification of new opportunities for mutually beneficial cooperation in various fields.
He said that due to keen interest of the leadership of both countries, the JPC session was being held soon after the visit of Prime Minister Syed Raza Gilani to Qatar. He said Qatar was on the road to prosperity and had been able to strengthen its economy despite global economic recession. He further pointed bilateral trade was far below the existing potential of economies and hoped that the Pak-Qatar Joint Business Council would act as a catalyst to promote interaction between the private sectors of both countries. There are promising opportunities to enhance trade and investment, he added.
He said there were ample opportunities for Qatari investors to invest with 100 percent equity or joint ventures in various fields of renewable energy, software technology parks, cotton, textile, oil and gas, agriculture, tourism, small and medium enterprises, chemicals and infrastructure sectors. Similarly services sector is fast growing in Pakistan as well as in Qatar, he added.
He said more than 500,000 Pakistanis were contributing in the economic development of Qatar. This calls for forging closer links between the services industries of Pakistan and Qatar in terms of exchange of technology, movement of capital and the skilled manpower, he added.
He said the Pakistani exploration and production companies in oil and gas sector desired to join hands with the Qatari companies for investment in upstream and downstream projects in Pakistan.
He said Qatar would be starting mega projects in different sectors. Pakistan has good experience in designing and construction of engineering works, he added.
He said there was considerable scope between Pakistan and Qatar for cooperation in conducting feasibility studies, engineering designs and consultancy services. Large engineering and consultancy houses in Pakistan are willing to offer their services in this context, he added.
