Senate: (New trade policy in few days: Senate told)

March 2, 2016 Off By Web Desk

ISLAMABAD: The Senate was informed on Thursday that a new Trade Policy is to be announced during the next few days.

Minister for Commerce Khurram Dastgir Khan told the House during question hour that the policy would contain incentives for increasing and diversifying exports.

He said talks are planned to be held with Eurasian Economic Union for a Free Trade Agreement. He said such an agreement would give competitive market access to Pakistan in the union.

To a supplementary, he expressed the confidence that bilateral trade between Pakistan and Russia would receive a boost after resolution of longstanding trade dispute between the two countries.

To another question, he said because of GSP Plus Pakistan’s exports to European Union registered an increase of 1.32 billion dollar in a one year.

Replying to yet another question, the minister said Pakistan’s exports to China have increased by more than three and a half times after implementation of Free Trade Agreement between the two countries.

He said prior to signing of the agreement the volume of trade was approximately four billion dollars which included Pakistan’s exports of 575 million dollars.

He said at present out of total trade volume of 12 billion dollars, Pakistan’s exports to China have jumped to 2.1 billion dollar.

He said Pakistan is pursuing with the Chinese side to consider evolving a simplify visa regime for Pakistani businessmen. He said FTA-II is being pursued with China to strike a better trade balance.