Pakistan, Thailand to finalise FTA by year-end
Free trade agreement (FTA) between Pakistan and Thailand is expected to be finalised by the end of this year, said Ambassador of Thailand Chakkrid Krachaiwong.
Speaking to APP on the sidelines of Pakistan-Asean Business Forum on Tuesday, he said that dialogue between the two countries slowed down during the Covid-19 pandemic.
“The idea for FTA between the two nations was floated in 2013 during bilateral trade talks,” he said. “The first round of talks for FTA took place in September 2015 and the 10th round will start next month.”
He announced that a breakthrough was expected in December 2021, adding that the two nations were in the process of finalising offer lists for 200 priority items under the proposed FTA.
The envoy pointed out that the main purpose of the trade deal was to enhance market access for both sides.
A senior official of Pakistan’s Ministry of Commerce told APP that Thailand and Pakistan had held nine rounds of talks in which conclusion had been reached on 12 out of 13 chapters of the agreement.
“The remaining issues pending negotiation comprise customs protocol and trade facilitation as well as related regulations regarding market access,” he said. “Pakistan has liberalised investment in most industries, especially food processing, logistics, textile, automobile, IT, construction, tourism and hospitality.”
According to him, Pakistan is a huge market with a high level of purchasing power given its population of more than 220 million.
The country had abundance of natural resources such as copper, coal, gold and seafood, the official highlighted.
Published in The Express Tribune, November 3rd, 2021.
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