ISLAMABAD, April 21: Commerce Minister Humayun Akhtar Khan has proposed setting up of a Joint Study Group (JSG) of Pakistan and Singapore to discuss and recommend the parameters of free trade agreement (FTA) between the two countries.

The minister made the proposal in a meeting with Minister of State for Health and Transport, Singapore, Dr Balaji Sadasivan here on Wednesday. Dr Balaji was leading a 20-member business delegation representing top companies of Singapore. Secretary In-charge of the commerce ministry Yasin Tahir and other high officials also participated in the meeting from the Pakistani side.

The focus of this group would primarily be on trade in goods and services; prospects of investment liberalization; identification of areas for mutual economic cooperation to complement the trade and investment.

The commerce minister also handed over a draft FTA to Dr Balaji and welcomed any suggestions/amendments in the draft. Both the ministers agreed to start formal negotiations on FTA by the end of this year and sign a framework agreement soon afterwards. They also stressed on the need for the FTA between the two countries to enhance mutually beneficial commercial ties.