ISLAMABAD, Aug 20: A high-level inter-ministerial delegation will leave on Monday for Singapore to participate in the first round of negotiations on bilateral free trade agreement (FTA) between the two countries.
The Joint Secretary, Ministry of Commerce, Shahid Bashir, would lead the delegation for the meeting scheduled for August 24-25 at Singapore. He would be accompanied by representatives of the Central Board of Revenue, the State Bank, the ministry of finance and the Board of Investment.
An official said that the proposed FTA would be a comprehensive one that would cover areas like goods, services and investment.
During the three-day meeting, officials of the two countries would discuss the draft FTA and identify areas for duty concession, rules of origin and other issues under the proposed agreement.
Singapore and India are currently negotiating an FTA, which covers almost everything under the sky. The areas being negotiated by the two states include fashion and design, art and culture, tourism, ports and shipping, maritime, security, banking and financing, manpower, education and human resource development.
According to the proposals to be considered under the free trade agreement, the construction industry is one of Singapore’s strong points. Pakistan is short of five million housing units and would welcome investment in the housing and hotel industry; development of information technology (IT) parks in Pakistan, IT universities; availability of English speaking IT manpower for front offices in Singapore; setting up of a Singapore industrial estate in Pakistan; recognition of degrees of top medical institutions; and post-graduate degrees and diplomats of the College of Physician and Surgeons of Pakistan.
