FTA with Thailand likely by year-end

LAHORE: Thailand and Pakistan are likely to sign a free trade agreement by the end of this year, said an envoy on Thursday.

“Thailand is already investing in Pakistan and more Thai companies are keen to start their operations here,” Thailand’s Ambassador Suchart Liengsaengthong said during a meeting with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman and Vice President Rehman Aziz. 

The ambassador said trade will flourish after the signing of the FTA between the two countries. “Such tools are important in today’s world because they would bring down the cost of doing business and remove non-tariff barriers,” he added.

Aziz said Thailand and Pakistan enjoy healthy trade and economic relations. “However, in view of the potentials of both the economies, there is an ample scope for improvement in various spheres, including enhancing business-to-business contacts, trade and economic ties, joint ventures, tourism, cultural relations, etc,” he added.

The volume of bilateral trade between the two countries could be easily increased to $2 billion from the current $1 billion by improving connectivity between the private sectors. “The FPCCI is playing an active role for signing fruitful FTA between the two countries,” said the business leader.

He hoped that the FTA would be finalised by the end of 2016. Visa process of both the countries should be made easy and simple, while processing time should be minimised and the members of the business community should be given facilitation of multiple and upon arrival visas.

Leingsaengthong said the FTA would boost trade as well as help strengthen ties between the two countries. He said a Thai delegation, comprising representatives from the construction, material, power, cosmetics, seafood and plastic products sectors are expected to visit Pakistan soon.