Pakistan and
European Free Trade Association (EFTA) States agreed to explore future
bilateral trade and investment opportunities. The first meeting of the Joint
Committee of Pakistan and EFTA member states was held in Geneva on 23rd
October, 2017. The talks were held in a positive and constructive environment.
Both sides highlighted economic developments in their countries and discussed
the status of bilateral trade and investment. Special note was made of
suggestions to increase bilateral trade and investment between the two parties.
EFTA is free trade association of four member states comprising Iceland,
Liechtenstein, Norway and Switzerland. Bilateral trade and investment between
the two sides hold enormous potential and the existing figures of US$ 588
million bilateral trade do not reflect this potential, says a press release
received from Geneva here today.
Secretary
Commerce, Mr. Mohammad Younus Dagha led the Pakistani side and showcased
Pakistan's open and friendly investment policies, with the recent rise in
inward investment in the country. Secretary Commerce made a detailed
presentation on trade and investment opportunities in Pakistan highlighting the
improvements in the law and order situation, and rapid gains in the areas of
energy, telecommunications connectivity and other infrastructure as a result of
effective actions undertaken by the government.
He said that
the developments under CPEC were a particular milestone which was proving
beneficial for not only the region but also for European
investors in Pakistan. "By entering into Joint Ventures with Pakistani
businessmen EFTA businesses could establish their footprint in the region and
benefit from Pakistan’s increasing connectivity in the region of South and
Central Asia", added Secretary Commerce.
Both sides also
agreed to hold meetings of Pakistan-EFTA member states more frequently to
facilitate trade, businesses and investment and explore further avenues of
mutual cooperation. Both sides also agreed to enhance cooperation in the areas
of encouraging Joint Ventures and export promotion. Both sides also agreed to discuss
possibility of a preferential trade agreement between Pakistan and EFTA.
Pakistan would submit a proposal on a possible scoping exercise for
consideration of EFTA members.
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