ISLAMABAD: Pakistan will officially propose to Saudi Arabia for initiation of a talk on preferential change agreement (PTA) to sell bilateral change and investment.
The inspiration will be raised amongst different issues in the course of the Saudi Crown Prince Mohammad bin Salman’s -day visit to Pakistan.
The crown prince will attain the us of a on February 16, accompanied by a excessive-powered commercial enterprise delegation.
reputable sources told that the preferential treaty will cover tariff and non-tariff barriers (NTBs) so that you can assist diversify Pakistan’s export basket to the dominion.
since 2006, there is a whole deadlock in negotiations at the proposed unfastened change agreement (FTA) with the Gulf Cooperation Council. So far only rounds of negotiations have been hung on it.
officers believe that this difficulty could be raised at some point of the crown prince’s go to.
Pakistan’s bilateral change with Saudi Arabia has published a regular decline, losing through a half to $2.Five billion in 2016-17 from $5.08bn in 2013-14. One motive behind this is the falling price of petroleum merchandise which represent 50pc of overall imports.
The u . S .’s exports to the dominion are lowering as nicely specifically due to a drop in proceeds of rice, culmination, vegetable arrangements, clothing and apparel and made-up articles of fabric fabric.
Rice is one of the main export items to Saudi Arabia but now the commodity’s marketplace is being captured by way of other nations, in particular India.
If an settlement is reached on PTA, Saudi Arabia will become the second one u . S . A . After Iran with which Pakistan will have a bilateral preferential arrangement.
other troubles with the intention to be discussed encompass easing of techniques for business visa which currently includes multiple departments and takes at least six weeks. Saudi Arabia has additionally improved the business visa fee to Rs74,000 per person for attending any business interest inside the kingdom and Pakistan could be seeking out a rate waiver .
The Pak-Saudi Joint commercial enterprise Council became formulated in 2000 to beautify interaction among pinnacle chambers of the 2 countries. The body has met thrice in the remaining 18 years, which shows its seriousness in selling trade.
Pakistan is in all likelihood to elevate the problem of putting off ban on its shrimp exports to Saudi Arabia as well as searching for licence for state existence coverage to do business within the state, besides conserving single-u . S . A . Exhibitions to sell marketplace access for its products.
viable regions for funding with Saudi Arabia consist of the halal meals quarter, farm animals farming, milk, fisheries and other agro industry tasks.
For resolving NTB, critical issues can be discussed; mutual popularity agreement to avoid delay in customs and clearance of Pakistan’s export shipments on the state’s ports and exceptional guarantee certificates to be regarded via Saudi meals and Drug Authority.
published in sunrise, February 14th, 2019