ISLAMABAD, Nov 6: Commerce Minister Humayun Akhtar Khan said on Thursday Pakistan would soon get accession to Bangkok agreement (BA), which provided the framework for preferential trade among member countries of South Asia.
Talking to reporters at the Planning Commission auditorium here, the minister said that he did not see any hurdle for Islamabad in getting membership of BA in near future.
Pakistan had applied to BA for membership in 1998, but the Indian government was continuously blocking Islamabad’s efforts to enter into the agreement to take advantage of tariff preferences with other countries to enhance its share in the regional trade.
Mr Khan said that China was backing Pakistan in getting accession to BA. He said that other BA member countries would also back the application of Pakistan to join the agreement.
Regarding preferential tariff arrangement (PTA) with China, the minister said the agreement would result in more trade between the two countries.
He said that under the agreement, further items for tariff preferences would be considered soon. He said Pakistan would negotiate preferences with China on its exports of sports goods, surgical instruments, cutlery, guar and furniture.
The minister said that Pakistan had given preferences on 192 items to China, excluding 18 sensitive items. While China has given preferences on 893 items to Pakistan.
He said under the agreement on Pakistan’s madeups and readymade garments, duty was reduced from 25 to 18 per cent and from 21 to 15 on most other items. On leather goods, the reduction was mostly 25 per cent. For mangoes the tariff has also been reduced considerably.
