Pakistan may revisit all preferential, free trade agreements
Pakistan government is revisiting all the Free Trade Agreements and Preferential Trade Agreements.
There is a growing realisation among policymakers that they had been poorly negotiated and were now causing harm to the domestic industry.
Ministry of Commerce and Textile Industry officials in Islamabad told Dawn newspaper on Tuesday that the government might even go for total scrapping of all these trade agreements.
They said, however, proper working would be made in case the government opted for renegotiation.
Pakistan so far has signed four FTAs under South Asia Free Trade Agreement with China, Sri Lanka, Malaysia and India. Besides, there are three PTAs with Iran, Mauritius and Indonesia.
Officials said these agreements were making some of country’s imports costlier due to monopolistic tendencies created by them against cheaper sources of supplies from other countries of the world market.