Pakistan proposes free trade accord with Belarus

Eastern European country interested in setting up auto assembly plants.


Our Correspondent May 26, 2015
Pakistan proposes free trade accord with Belarus. STOCK IMAGE

ISLAMABAD: Pakistan has asked Belarus to initiate the process of entering into a free trade agreement in an effort to streamline development of trade ties between the two countries.

Federal Minister of Industries and Production Ghulam Murtaza Khan Jatoi floated the proposal during a meeting with his Belarusian counterpart Vitaly Vovk here on Tuesday, who expressed interest in setting up plants in Pakistan for the manufacture of automobile parts and assembly of buses, tractors and grain harvesters.

He was also keen on military-related manufacturing and assembly and sought recommendations from the federal minister. Furthermore, Belarus will also consider technological upgrade and expansion of existing facilities.

Assuring Belarus of Pakistan’s support in all ways, Jatoi invited Vovk to visit the Heavy Mechanical Complex in Taxila in order to gain a better understanding of infrastructure that Pakistan could offer.

He also spoke about the viability of joint-venture proposals and said the Ministry of Industries would assist Belarus in selecting the best possible investors from the private sector.



He suggested that Pakistan’s industrial parks should be used for trade and investment opportunities and assured Vovk that Belarus would be allowed to export manufactured and assembled products from Pakistan to regions across the globe.

Jatoi underlined the need of producing high-quality tractors and grain harvesters for modernising agricultural practices in the country.

Separately, a delegation of Belarusian businessmen, led by Mikhail Miatlikov, Chairman of the Belarus Chamber of Commerce and Industry, visited the Islamabad Chamber of Commerce and Industry (ICCI) for business-to-business meetings.

The delegation comprised businessmen from textile, metal, oil and chemical, agriculture machinery, food processing, pharmaceutical and other sectors. Ministers of textile, oil and gas and light engineering were also part of the team.

Speaking on the occasion, Belarus Chamber Chairman Miatlikov said both countries had signed 12 memoranda of understanding (MoUs), which was a first step for starting sustainable business collaboration.

He invited Pakistani businessmen to visit Belarus to explore opportunities of joint ventures and investment there.

Expressing the desire for long-term business partnerships, the ministers of Belarus said their country’s president would soon visit Pakistan, which showed that the eastern European country was keen to enhance trade and economic relations.

Federation of Pakistan Chambers of Commerce and Industry President Mian Muhammad Adrees pointed out that both the countries were gateways for each other to huge markets of Asia and Europe.

He said the current bilateral trade volume of $60 million was far below the true potential and both should focus on increasing exchange of business delegations and holding single-country exhibitions for improving trade ties.

(With additional input from PPI)

 


Published in The Express Tribune, May 27th,  2015.

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