PAKISTAN AIMS TO INK FTAs WITH ASEAN, GCC

KUALA LUMPUR, Sept 19 (Bernama) -- Pakistan expects to seal free trade
agreements (FTAs) with two promising regional movements to boost the country's
trade performance, a senior official of the Islamic republic said.

Pakistan is to sign the agreements with Asean and the Gulf Cooperation
Council, Federal Secretary at Pakistan's Ministry of Commerce Zafar Mahmod said.

He said this followed the past track records of trade improvements after
signing free trade agreements with countries lke Malaysia, China, Sri Lanka and
Mauritius.

"A study carried out by a Malaysian company also showed both Asean and
Pakistan stand a bright profitability chance if the deals go through.

"Free trade agreements with both the groupings will enable Pakistan to
directly tap the immense opportunities in Asean and GCC member countries.

"Formal negotiations with Asean and GCC will begin soon.

Pakistan's exports grew by 28 per cent and imports rose by 14 per cent in
the last financial year ended June 30, 2011, Mahmoud said.

Citing Malaysia as an example, he said, prior to the FTA signed between
the two countries in 2007, trade volume was not favourable to both sides.

"The FTA, which came into force on Jan 1, 2008, has improved significantly
and we expect the same improvement to happen after Pakistan inks the FTA with
the GCC," said Mahmoud, who was also former vice-chairman of Pakistan Export
Promotion Bureau.

"Through the FTA, Pakistan is not the only party to benefit, but also both
the groupings.

"Member countries of Asean and GCC can utilise Pakistan as the gateway to
other countries neighbouring the Islamic state," he added.