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Pakistan keen to sign free trade agreement with GCC

Pakistan is keen to sign free trade agreement with the GCC states and has accelerated the process to conclude the deal as soon as possible, a top official said.

“It is high on the agenda of Federal Ministry of Commerce, which has increased interaction with the concerned quarters to finalise the free trade deal with the Gulf countries,” Tariq Puri, chief executive of Trade Development Authority of Pakistan, told Khaleej Times during an interview on the sidelines of Annual Investment Meeting, which concluded here on Thursday.

Trade Development Authority of Pakistan, or TDAP, is the premier trade promotion organisation in the country. It is mandated to facilitate Pak exporters in their export development endeavours and explore new markets through participation in international exhibitions.

Puri said TDAP has been pursuing a strategy since last couple of years to focus on regional markets. It has been regularly participating in all major trade events in the UAE and other Gulf states to increase interaction with the public and private sectors.

“The GCC is the third largest trading partner of Pakistan while the UAE is the single largest investor in the country. The increased interaction and trading activity in the region will accelerate the process to finalise the deal in near future,” he said.

He said foreign direct investments and increased market access is imperative for any country’s economic growth and progressive trade takes place when all the elements — investment, market access, enabling environment and non-tariff barriers — are put in order.

Puri termed Pakistan’s participation in Annual Investment Meeting as co-partner a major initiative that will strengthen bilateral trade and investment relations. He is confident to have positive outcomes of trade talks and investment meetings held on the sidelines of the three-day event. “Pak delegation held number of business-to-business and government-to-government meetings at the event and it would have positive outcomes in coming days,” he said.

He said the focus of B2B and G2G meetings held on the sidelines of AIM remains on attracting investment in energy, infrastructure, natural resources including agriculture and mineral, among others. “Federal Commerce Minister Makhdoom Amin Fahim held a series of meetings with delegations of Turkey, Uganda, Tatarstan, among others. Pak delegation is also engaged in serious discussions with UAE’s public and private sector firms,” he said.

The TDAP chief revealed that Pakistan will hold an exhibition of women entrepreneur products during Dubai Shopping Festival (DSF).

“We have requested the UAE government to hold this first-of-kind exhibition during next DSF. The TDAP may also get a place at Global Village for an up-scale display centre to showcase Pakistani products,” he said and adding that it would be a ‘quantum and meaningful difference’ in bilateral trade with the UAE.

In reply to a question about exploring the service sector in Gulf, he said TDAP is actively pursuing a strategy to explore this sector. “Top corporate from Pakistan is part of the official delegation and they are exhibiting their services at stand. There is enormous potential to tap this sector.

“Abu Dhabi Group, JS Bank, Pak Oasis, State Life Insurance, Nadra and other leading corporate are actively participating AIM to offer their services. Nadra has developed software and database technology that we can offer to many Gulf and African states,” he said.

In reply to a question, Puri said TDAP facilitates expatriates for investment in Pakistan.

“We try to facilitate every potential investor and trader by offering them hotel accommodation, logistics supply and arrange meetings with concerned quarters,” he concluded.

muzaffarrizvi@khaleejtimes.com