Pakistan, Eurasian bloc explore trade pact

Feasibility study to assess prospects of agreement with economic union

ISLAMABAD:

A meeting was held between the Member of the Board – Minister in charge of Trade of the Eurasian Economic Commission, Andrey Slepnev, and the Federal Minister for Commerce, Jam Kamal Khan, in a videoconference format.

Slepnev noted that the Eurasian Economic Union (EAEU) and its member states pay great attention to the development of mutually beneficial relations with the countries of South Asia. EAEU considers Pakistan as one of the prospective partners in the region. Trade between the EAEU and Pakistan is developing dynamically and has a significant potential for expansion.

The federal minister for commerce noted that Pakistan views enhanced cooperation with the EAEU not only as a trade opportunity but also as a strategic partnership in areas such as logistics, energy cooperation, digital trade, industrial collaboration, and supply chain integration.

"We support the initiation of structured dialogue mechanisms with the Eurasian Economic Commission aimed at exploring a trade agreement, subject to the outcome of the joint feasibility study," he said.

Pakistan reaffirms its readiness to work closely with the Eurasian Economic Union and its member states in a constructive and forward-looking manner to unlock the full potential of trade and investment cooperation, Jam Kamal said.

The two sides noted that there are good prospects for deepening trade and economic cooperation between the EAEU and Pakistan. With the aim of assessing the economic implications and determining the feasibility of introducing a preferential trade regime, they agreed to set up a joint feasibility study group in accordance with the respective legal procedures.