Thursday, October 13, 2011

Pakistan foreign trade

 Pakistan has decided to further liberalise its trading regime with her neighbouring countries especially India under the cover of the South Asian Association for Regional Cooperation (Saarc) in order to increase trade, growth and prosperity in the region.
As part of this, the commerce ministry on Wednesday announced to reduce the number of items from the sensitive list under Safta signed on January 6, 2004 between Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka .
Under Safta the member states have agreed to maintain a list of some items which they do not want to consider for duty reduction on its trading with other nations.
However, Pakistan announced to reduce the list of sensitive items in a bid to move for more South Asian integration at least on trade  level if not politically at the moment .
An official press note of the commerce ministry of Pakistan sought feedback  by October 19 from all stakeholders over the list of items that were identified to be removed from the sensitive list .
“We have identified 233 tariff lines to be removed from the list. As a result, the number of items in Pakistan’s sensitive list will reduce to 936 tariff lines from existing 1169,” the note said.

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