ISLAMABAD, April 11: Pakistan and Bhutan have agreed to accelerate trade activities under the SAARC agreements of South Asian Free Trade Area (SAFTA) and South Asian Preferential Trade Area (SAPTA).

This will help in bringing competition and collective capacity for facing global market challenges.

These views were expressed by the Federal Minister for Commerce, Industries and Production, Abdul Razak Dawood, in a meeting with Bhutan’s Foreign Minister, Lyoapo Jigmi Y. Thinley here on Thursday.

Dawood apprised the delegates about the conducive investment environments and rich production potentials commensurate to international quality standards.

He informed that the government has evolved investment-friendly tariff structure according to which the duty has been slashed to 25 per cent which will be further reduced by 5 per cent this fiscal.

Dawood said “if we can inculcate the atmosphere of sharing and cooperation in sub-continent, we need nothing from outside world as our countries have enormous resource potential.”

The minister also informed the delegates that Bhutan’s student can avail the facility of higher education in Pakistani universities under Asian Bank full scholarships.

Pakistan is willing to open-up for the import and export of raw material in first phase, to achieve Free Trade Access (FTA), he added.

Bhutan’s Foreign Minister Jigmi Y. Thinley said he shares the Pakistan’s vision on accelerating trade bilaterally which will bring in the benefit of collaboration and competition.

This, he said, will place both the countries at a better position in global economy.—APP