Islamabad: Caretaker Commerce Minister Gohar Ejaz says the Gulf Cooperation Council has signed a Free Trade Agreement with Pakistan, which will be helpful in enhancing Pakistan’s exports to GCC countries.
He said this at a joint news briefing along with federal ministers of Interior, Energy and Information, in Islamabad on Wednesday about meeting of the Special Investment Facilitation Council.
The Commerce Minister said GCC countries export goods of one trillion dollars, whereas their imports are 5.5 billion dollars.
He said average imports of Pakistan from GCC nations are 19 billion dollars and its exports to these nations are mere 2.5 dollars.
He commended Saudi Arabia’s role in concluding the Free Trade Agreement with the six Gulf States, which is the first such understanding in the 14 years.
Gohar Ejaz further said that a mechanism is being evolved for the certification of Pakistani work force working in the Gulf countries, enabling them to align their skills as per demands of the market.
The Commerce Minister said it has also been decided to provide gas to the export industry during winter to boost Pakistan’s exports.
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Talking about the corrective measures to prevent adverse impact of the Afghan Transit Trade on Pakistan’s economy, he said smuggling prone items have been placed in negative list, but Pakistan will continue facilitating genuine trade of Afghanistan.
He said it has further been made mandatory to deposit a bank guarantee equal to the goods to be transported under this arrangement. Similarly, a ten percent fee will be imposed on Afghan trade for using Pakistan’s infrastructure.
The Commerce Minister said Pakistan wants Afghan trade should be used for the internal consumption of Afghanistan and not for smuggling to Pakistan.
Responding to a question, Commerce Minister Gohar Ejaz said tax evasion of worth one trillion rupees will be curtailed annually by bringing betterment in the Afghan Transit Trade.
To another question, he said effective measures are being taken to bring investment in the Reko Diq project.
Speaking on the occasion, Energy Minister Muhammad Ali said the government has successfully finalized two cargoes of Liquefied Natural Gas for December and it is hoped that there will be no deficiency of gas. He said fertilizer manufacturing plants will also receive improved supply of gas.
The Energy Minister further said that the crackdown against power theft is continuing and a recovery of 16 billion rupees has so far been made.
He said this campaign against power theft will continue with full force. He said it has been decided to reconstitute the board of directors of the power distribution companies.
He said private sector will be engaged to look after the management of DISCOS.
On the privatization front, Muhammad Ali said Pakistan International Airlines is on the highest priority list in this regard. He said PIA will be taken towards privatization in coming months.
Answering a question, Energy Minister expressed hope that inflation will be controlled significantly with the ongoing depreciation of dollars against rupee.
Interior Minister Sarfaraz Ahmed Bugti, in his remarks, condemned the unprovoked firing by an Afghan sentry on the Chaman border crossing and demanded of the Afghan interim authorities to handover the culprit to Pakistan.
