ISLAMABAD, Jan 8: The D-8 countries are likely to conclude negotiations on the draft framework preferential trade agreement (PTA) in the next round.

Secretary Commerce Tasneem Noorani said that federal cabinet had already given its ex-post facto approval to the PTA among the D-8 countries-means Pakistan should continue talks on the proposed agreement with the member countries.

The D-8 Countries include Pakistan, Bangladesh, Egypt, Nigeria, Malaysia, Turkey, Iran and Indonesia.

Talking to Dawn the secretary said that the member countries would continue deliberation on the draft agreement in the fourth meeting of D-8 high level experts group on trade and trade related matters.

He, however, said that the date and venue for the next round was yet to be finalized. The experts of the D-8 countries had already held its first round of meeting in Tehran, second in Islamabad and the third one in Jakarta in 2004.

The secretary said that after the finalization of the framework agreement, the member countries would start discussion on the sensitive list.

The Pakistani side expressed the hope that the conclusion of this framework would provide a clear road map to achieve the desired level of economic integration among the member countries, which would be helpful in achieving the ultimate goal of progress and prosperity of the people of member countries.

According to the draft PTA of D-8, a copy of which was made available to Dawn, the agreement aimed at fostering support and boosting mutual trade based on common principles, and to reinforce economic cooperation among the member states through the elimination of non-tariff barriers, reduction of tariff and exchange of concessions.

Under the proposed agreement, the exchange of negotiated concessions shall be implemented on a most favoured nation (MFN) basis and its benefits shall accrue to all the contracting parties; national treatment will be accorded to the products of any contracting party; the contracting parties shall notify to each other the types of their existing para-tariff charges and their customs duties equivalence.

According to the draft PTA, no restrictions other than tariff shall be applied by any contracting party by means of quota, other quantitative restrictions etc; to abolish any customs duties on exports and charges having equivalent effect for them within two years of the entry into fore of the agreement.

Under the proposed agreement, the member countries in case of any injury to the domestic industry would resolve the issue bilaterally or resort to the levy of anti-dumping duty against the member importing country; safeguard measures could also be initiated against the member country in case of any injury to the domestic industry; apply standards, technical regulations and sanitary or phytosanitary measures; transfer of payment; re-export; dispute settlement measures; measures for balance of payment difficulties; establishment of supervisory committee to review the progress of the implementation of agreement.