LAHORE, Oct 13: Commerce Minister Humayun Akhtar Khan on Wednesday said that the next round of Pakistan-US talks on bilateral investment treaty (BIT) would be held in London in December.

Initial negotiations between the two countries on BIT were held in Washington last month. The United States currently has BITs in force with 39 countries. "Now it (BIT) is a matter of months, not years," Mr Akhtar Khan told reporters at the inaugural ceremony of a new branch of Pakistan Industrial Credit and Investment Corporation (PICIC) here.

In reply to a question about free trade agreement (FTA) between Pakistan and Sri Lanka, the minister said that the agreement had been signed between the two countries. "Now lists of the commodities are being exchanged. Sri Lanka wants to have a zero tariff access for its tea in Pakistani market while Pakistan wants a duty-free entry of its rice, potato and onion into Lankan market," Mr Khan said.

The minister said warehouses would soon be set up in Warsaw (Poland) and Nairobi (Kenya) to help increase Pakistan's exports to East Europe and Africa. Responding to a query about the imposition of anti-dumping duty by the European Union on Pakistan's bedlinen, Mr Khan said the matter was now at a review stage and hoped that it would be resolved very soon.

The minister said Pakistan had signed required agreements with Afghanistan and Central Asian states regarding the movement of export goods in the importing countries by exporting nations' vehicles. "Now it is at an implementation stage," he added.

Meanwhile speaking at the inaugural ceremony of PICIC branch, the commerce minister expressed optimism that Pakistan would achieve the export target of $14 billion. "Pakistan exports have experienced an increase of 43 per cent over the last three years."

He said the economic reform process that kicked off in the early 1990s had been pursued by every government over the last 13 years. He said Pakistan was late by a decade viz-a-viz the countries like Malaysia and Thailand that initiated economic reforms in the early 1980s.

"Had we started the reforms in early 1980s, we could have a better economic landscape in the country by now," Mr Khan said. -APP