Govt proposes FTA among CAREC member countries

ISLAMABAD: Pakistan on Monday proposed a regional free trade agreement among member countries of Central Asia Regional Economic Cooperation Program (CAREC).

This will promote intraregional and transit trade among Central Asia and South Asia through Pakistan, Minister for Economic Affairs Khusro Bakhtyar said during the 19th ministerial conference of CAREC held virtually.

“In order to expand trade between the CAREC countries, transit trade agreements amongst member countries leading to the regional free trade agreement may be considered,” he said.

President of Afghanistan Ashraf Ghani termed the Prime Minister Imran Khan’s visit an importance milestone in strengthening bilateral ties and enhancing prospectus for regional cooperation and integration. The CAREC program is a partnership of 11 countries and 6 development partners working together to promote development through cooperation, leading to accelerated economic growth and poverty reduction.

The ministers and senior representatives of Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyz Republic, Pakistan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan also addressed to the conference. Senior representatives of Asian Development Bank, International Monetary Fund, World Bank and others also attended.

Economic affairs minister highlighted the significance of regional cooperation such as CAREC for Pakistan in achieving shared goals of sustainable development and economic growth. Bakhtyar reiterated the importance of regional connectivity not only through road network but also rail, aviation and ports for unleashing trade and tourism potential in the region.

“By setting specific, measurable, attainable, relevant and time-bound targets along with active monitoring and annual reporting, we can effectively monitor the progress leading to implementation of CAREC’s Vision 2030,” he said.

“Tourism is part of national development policy of the Government of Pakistan and this sector contains immense untapped potential.”

The minister suggested the development of regional tourism corridor, establishment of CAREC business council and increased involvement of the private sector in promoting tourism. “The incumbent government is focusing on facilitating the private sector for increased investment.” The minister also suggested enhanced visa facilitation regime in the form of CAREC sticker for certain categories within the region.