Thailand, Pakistan likely to sign FTA by year-end

Trade expected to flourish; Thai firms keen on pouring investments

LAHORE: Thailand and Pakistan are holding talks on a free trade agreement (FTA) that is likely to be signed by the end of this year, Thailand Ambassador Suchart Liengsaengthong disclosed in a meeting with Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman and Vice President Mian Rehman Aziz.

Thailand is already investing in Pakistan and more Thai companies are keen to start their operations here. “Trade will flourish after signing of the FTA between the two countries,” said the ambassador.

He said such tools were important in today’s world because they would bring down the cost of doing business and remove non-tariff barriers.



The ambassador stressed that the FTA would not only boost trade but would also help in strengthening ties between the two countries.



A Thai delegation is expected to visit Pakistan soon comprising investors associated with the industries of construction material, power production, cosmetics, seafood and plastic products.

He promised that he would facilitate the businessmen and industrialists from Pakistan that wanted to visit Thailand.

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

The volume of bilateral trade between Pakistan and Thailand could easily be increased from $1 billion to $2 billion by improving connectivity between private sectors of the two countries.



Aziz said the FPCCI was playing an active role in finalising the FTA and hoped the agreement would be reached by the end of 2016.

He suggested that the visa process in both countries should be made easier and simpler, the processing time should be minimised and members of the business community should be provided multiple and upon-arrival visa.

Published in The Express Tribune, July 22^nd, 2016.

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