Pak-Vietnam agree to share initial list for expected FTA

ISLAMABAD: Pakistan and Vietnam have agreed to share initial list for initiating negotiations on bilateral Free Trade Agreement (FTA) for increasing trade ratio in both the countries.

In fourth meeting of Joint Commission on Trade (JCT) between Pakistan and Vietnam concluded here Thursday, in a meeting both sides were agreed to share initial list for bilateral Preferential Trade Agreement (PTA) leading to FTA for boosting bilateral trade, senior official of Ministry of commerce told reporter.

He said 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) countires.

During two days negotiation, both sides discussed to enhance cooperation in a varity of sectors including textile and garments, energy, banking, air and sea connectivity, chemical,mechanical sectors besides agriculture machinery, automobile,food processing and infrastructural development.

Replying to question, he said that Pakistan and Vietnam shared current trade volume of $ 554 million as compare to only $97.6 million during the past decade.

The two sides also negotiated for competitiveness and Pakistan want to get market access in potential Vietnam market to compete with regional competitors, he said.

“We are satisfied with progress of bilateral trade dialogue between the two countries and matters are moving smoothly in perspective of boosting future tarde.

Replying to another question he said that during talks the two sides also reviewed the implementation status of decision of third JCT meeting held in Hanoi for reviewing the trade volume between the two sides.

The Pakistan’s side assured that all out support would be extended to Vietnamese investors in energy and other potential sectors for investment.