ISLAMABAD: Senate Standing Committee on Commerce and the Textile Industry was informed on Tuesday that dialogues with China and Indonesia to finalize a Free Trade Agreement (FTA) were in advanced stages and would be concluded by the next month.
“Good news is expected from Indonesia by the end of the current month whereas talks with China were also going on positively which are expected to be finalized by next month,” Secretary Commerce Muhammad Younus Dhaga said while briefing the committee.
He said negotiations for FTA with Iran were also under process in very friendly atmosphere as both sides are ready to give concessions to each other.
He said the two countries have also entered into Mutual Recognition Agreement (MRA) to recognize standards of goods to be traded across the borders.
The meeting of the committee was presided over by Senator Shibli Faraz and was attended by Senators Mufti Abdulsatar, Robina Khalid, Haji Saifullah Bangish, and Naseema Ehsan.
The Chairman directed the ministry to improve capacity building of Trade Development Authority of Pakistan (TDAP) to run the department on modern lines. The Secretary informed that a data center was being established under TDAP to compile sector wise trade data independently.
He said the center would not only compile national data but also international data to get a comparative data with other countries.
Regarding inflow of investment under China Pakistan Economic Corridor (CPEC), Shibli Faraz questioned that why the investment money was not coming to the country through proper channels.