ISLAMABAD, June 27: Pakistan will soon initiate talks on Preferential Trade Agreement (PTA) with Bosnia-Herzegovina to increase volume of trade between the two countries. An official source in the commerce ministry told Dawn on Wednesday that the decision of having preferential agreement with Bosnia was taken as part of identifying new markets for exportable products.

The federal cabinet had also approved proposal of the commerce ministry for initiation of talks on PTA leading to Free Trade Agreement (FTA) between Pakistan and Bosnia-Herzegovina.

Through diplomatic channels the date and venue for the first meeting on PTA will be finalised, the official added. The bilateral trade between the two countries stood around $1 million, which is much lower than the potential existed for increasing trade between the two countries, added the official.

Pakistan’s exports to Bosnia declined by 53.4 per cent to $0.214 million during the eight months (July-Feb) period of the current fiscal year as against $0.460 million over the same period of last year.

This would be Pakistan’s first initiative of having a preferential agreement with any Eastern European country.