The Senate was informed on Thursday that a new trade policy would 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 that talks were planned to be held with Eurasian Economic Union for a free trade agreement.
The minister said that 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 Pakistan’s exports to European Union registered an increase of 1.32 billion dollar in a one year because of GSP+. Replying to yet another question, the minister said that Pakistan’s exports to China had 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 Pakistan’s exports to China have jumped to 2.1 billion dollar out of total trade volume of 12 billion dollars.
He said Pakistan was pursuing with the Chinese side to consider evolving a simplify visa regime for Pakistani businessmen. He said FTA-II was being pursued with China to strike a better trade balance.
