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Pak, Vietnam to share list for expected FTA

Pakistan and Vietnam have agreed to share a list of initial negotiation on bilateral Free Trade Agreement to enhance the trade ratio in both countries. In the fourth meeting of Joint Commission on Trade (JCT) between Pakistan and Vietnam, on Thursday, 5th October 2017, concluded in a meeting was that both sides agree to share initial list for bilateral Preferential Trade Agreement (PTA) leading to FTA for boosting bilateral trade, senior official of Ministry of Commerce told the media.

The official also said that the two sides acknowledged the importance of tariff concession in developing the bilateral trade, adding that Pakistan proposed tariff concession with same advantages as with the Association of South East Asian Nations (ASEAN) countries. During the two day negotiation, both the sides discussed to enhance the cooperation in different sectors including garment and textile, banking, energy, air and sea connectivity, mechanical sectors, chemicals, agriculture machinery, food processing, automobile and infrastructure development.

The official of the ministry of commerce, while replying to questions said that the Pakistan and Vietnam shared current trade volume of $ 554 million as compared to only $97.6 million during the past decade.  The two sides also negotiated for the competitiveness and Pakistan willing to get market access in the Vietnam market to compete with the regional competitors, said the official. “We are satisfied with the progress of bilateral trade dialogue between the two countries and matters are moving smoothly in perspective of boosting future trade.

While replying to another question the officials said that during the meeting the two sides also revised the status of decision for the 3rd JCT meeting that was held in Hanoi for reviewing the trade volume between the two.

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