LAHORE, Jan 3: The Pakistan-Sri Lanka free trade agreement (FTA) will be signed during the forthcoming visit of Sri Lanka's President Chandrika Bandaranaike Kumaratunga to Pakistan.

"The agreement to boost trade between the two countries has been finalized," Commerce Minister Humayun Akhtar Khan said while addressing the executive committee members of Lahore Chamber of Commerce and Industry here on Monday.

He said that Pakistan had also started negotiations with countries like Indonesia, China and Singapore to conclude free trade agreements which were much needed to increase market access in these countries after the enforcement of WTO regime. He also referred to Safta and ECO free trade agreements in this regard.

About efforts to increase Pakistan's exports to Latin American region, Mr Khan said that Brazil and Argentina had assured Pakistan of support in signing an agreement with the Mercusor Regional Arrangement comprising Argentina, Brazil, Paraguay and Uruguay.

Mr Khan expressed the hope that negotiations between Pakistan and the Mercusor organization would begin soon for a free trade agreement. About possible impact of the WTO on Pakistan's agriculture sector, he said that members of the European Union agreed in July 2004 to cut down farm subsidies to help agricultural products from developing countries become competitive in the international market.

On the Intellectual Property Rights related problems, he said the Pakistan Intellectual Property Rights Organization (Pipro) was being formed to take care of all the issues related to copy rights and trade marks.

On the export of services, Mr Khan said the Asian Development Bank had been contacted for the help to Pakistani contractors in the provision of big bonds for the export of services to other countries.

Responding to another query, he said the industry affected by dumping of commodities by any country should move an application against this development with the National Tariff Commission so that appropriate action could be taken for the protection of domestic industry. -APP