EDB For Bilateral Trade With Several Countries

ISLAMABAD, (UrduPoint / Pakistan Point News - 13th Dec, 2016 ) : The Engineering Development Board (EDB) on behalf of Ministry of Industries and Production was actively involved in the bilateral trade negotiation with several potential countries in consultation with Ministy of Commerce and Foreign Affairs, to boost exports of the country, the board sources said here on Tuesday.

"The EDB as a part of negotiation team is also in contact with the local industry to get their feedback and proposals on bilateral trade, joint venture, technology transfer, training etc", the sources said.

The sources said currently, negotiations were being held under the leadership of Ministry of Commerce through Ministry of Industries with Turkey and Thailand to sign Free Trade Agreement till to date Pakistan had signed four FTAs and three Preferential Trade Agreements (FTAs) apart from TransitTrade Agreement (TTA) signed with Afghanistan .

The sources added that Pakistan had already signed Free Trade Agreements with China, Malaysia, South Africa, Sri Lanka, Iran Mauritius and Indonesia. Following the FTAs/ PTAs were under review by both Pakistan and counterpart countries, to enhance trade between both the countries.

"The review is being made with a view to move the next phase of the FTA or to enhance the existing list of concessions to expand the scope of the concessions including 2nd phase of Pak-China FTA, Pak-Malaysia FTA, 3rd phase of SAFTA , Pakistan-Sri Lanka FTA and Pak-Iran PTA", the sources said.

The sources said Pakistan was also in process to liberalize the trade with Thailand, Turkey, Jordan, and Tunisia. In this regard , the sources said the negotiations were being held to sign the PTAs /FTAs with these countries.

They said in order to explore possibilities of industrial development, trade and investment, joint working group (JWG) of Pakistan had been constituted . The EDB had been approaching the local industry to provide the workable proposals to enhance cooperation in the bilateral investment development transfer of technology through JCs technology modernization for industrial cooperation in various areas of pharmaceutical products, pumps, tools, implements, culterly, articles of leathers, home appliances, footwear, wires and cables, industrial machinery and surgical goods etc.