FTA negotiations with Thailand to start from November 15

ISLAMABAD: Khurram Dastgir Khan, commerce minister, on Wednesday said the fifth round of negotiations on the free trade agreement (FTA) with Thailand will be held from November 15 in Bangkok.

"As per the Prime Minister’s vision of accessing non-traditional trade markets of the world, a liberalised trade environment will ensure sustained economic growth for Pakistan,” Khan said, while chairing a meeting on the status of FTA negotiations with the southeast Asian nation.

The trade volume between Pakistan and Thailand was $952 million in the fiscal year of 2015/16. Pakistan’s exports were $107 million, while the country imported goods worth $845 million.

The exportable items to Thailand include fish and fish preparations, cotton fabrics for women, paper and paper board, raw cotton, cotton yarn, leather, medical and pharmaceutical products, the material of animal origin, medical and surgical instruments, chemical element and compounds.

The minister said Pakistan is also looking to access the huge untapped market in the east Asian region and the country had already concluded trade agreements with Malaysia and Indonesia.

Khan directed officials to address the concerns of the local industry on proposed FTA with Thailand and also coordinate with the Federal Board of Revenue to take joint position at the next round of negotiations.

Taimur Tajammal, joint secretary at the commerce ministry briefed the meeting on the state of negotiations with Thailand. 

“The committees have discussed matters related to trade in goods, rules of origin, technical barriers to trade, sanitary and phytosanitary, trade remedies, customs procedures, legal and institutional issues, and trade facilitation during the first phase of the deliberations,” Tajammal said.

The next talks would include discussions on investment, intellectual property rights, trade in services and competition related matters, he added.