Islamabad, November 15, 2012 (PPI-OT): Senior Minister for Commerce Mr Makhdoom Muhammad Amin Fahim today held a press briefing on “Joint Declaration on Cooperation between the Islamic Republic of Pakistan and the EFTA State” here today in the Ministry of Commerce at Pak Secretariat. He was accompanied by Secretary Commerce Mr. Munir Qureshi.
2. Pakistan and EFTA States have signed a joint declaration on Cooperation on 12th November, 2012 in Geneva Switzerland. It was signed by Mr. Shahid Bashir, Ambassador to WTO on behalf of Government of Pakistan.
The joint declaration envisages setting up a joint trade committee comparing trade officials from both sides which will explore the possibilities of enhancing trade through Free Trade Agreement. It is expected that on FTA with EFTA will provide enhanced market access to Pakistani goods but will also encourage the investors from EFTA States to invest in Pakistan.
3. The EU had announced trade concessions for Pakistan to help its economy recover from losses it sustained during floods of 2012. The matter required a waiver from WTO laws. Ministry of Commerce and Ministry of Foreign Affairs jointly launched a lobbying strategy to neutralize the opposition and to allay the concern of objecting countries. As a result WTO waiver was obtained on 14th February, 2012.
The package contains 75 products, 26 products will be subjected to tariff quotas. The duty free concessions will be available till 13th December, 2013. It is estimated that if we are able to fully utilize the trade concessions there will be an increase of about 480 Million Euros of exports to EU.
For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326