ISLAMABAD: The Gulf Cooperation Council has signed a Free Trade Agreement with Pakistan, which will assist increase Pakistan exports to the GCC countries, according to Gohar Ejaz, Pakistan caretaker commerce minister.
Wednesday in Islamabad, he said this at a press conference with the federal ministers of Interior, Energy, and Information. The meeting of the Special Investment Facilitation Council was the reason for the conference.
The Commerce Minister stated GCC countries export $1 trillion and import $5.5 billion. He claimed Pakistan imports 19 billion dollars from GCC nations and exports 2.5 billion. He praised Saudi Arabia for completing the first Free Trade Agreement in 14 years with the six Gulf States.
Gohar Ejaz added that a framework is being developed to certify Pakistani workers in Gulf countries so they can match their talents to market demands.
To promote Pakistan exports, the Commerce Minister stated gas will be provided to the export industry in winter.
He stated smuggling-prone commodities have been placed in a negative list to prevent the Afghan Transit Trade from hurting Pakistan economy, but Pakistan will continue to facilitate real Afghan trade. He added that a bank guarantee comparable to the commodities to be transported is now required. Afghan trade will pay 10% for accessing Pakistan infrastructure.
The Commerce Minister of Pakistan stated Afghanistan should use its trade for domestic use, not smuggling to Pakistan.
Commerce Minister Gohar Ejaz claimed improving the Afghan Transit Trade will reduce tax fraud by one trillion rupees yearly.
To another query, he stated effective measures are being done to attract Reko Diq investment.
Energy Minister Muhammad Ali said the government has confirmed two Liquefied Natural Gas shipments for December and hopes there will be no shortage. He stated fertilizer factories will get more gas.
Energy Minister stated power theft crackdown is ongoing and 16 billion rupees have been recovered. Power theft will be fought vigorously, he said. He added the power distribution company boards will be reconstituted. He stated DISCOS will be managed by the commercial sector.
Regarding the issue of privatization, Muhammad Ali stated that the privatization of Pakistan International Airlines is at the top of the list of priorities in this regard. He said that PIA would be moved toward privatization within the next few months.
In response to a question, the Energy Minister said that he hoped the current drop in the value of the dollar against the rupee would help keep inflation under control.
In his speech, Sarfaraz Ahmed Bugti, the Interior Minister, spoke out against the unprovoked shooting by an Afghan guard at the Chaman border crossing. He also asked the interim Afghan government to hand over the shooter to Pakistan.
