ISLAMABAD: The second Trade Ministers Council of D-8 group has agreed to activate preferential trade agreement (PTA) from July 1 this year.
The D-8 countries had signed the PTA in 2006; however, it could not be activated due to a number of reasons in the last 10 years.
To further resolve customs, tariff lines, visa issues and others another meeting of Supervisory Committee will be held in May in Islamabad.
Federal Minister for Commerce Khurram Dastgir made this announcement along with Secretary General D-8 Dr. Muhammad Moussavi in a press conference after 2nd Trade Ministers Council and 4th meeting of Supervisory Committee of D-8 meeting.
He announced that governments of six out of eight members, except Bangladesh and Egypt, of the group had rectified PTA; however, remaining countries were also expected to rectify PTA by July 01.
He declared the agreement on activation of PTA by D-8 group as first small step towards the free trade agreement (FTA) which would be imperative to achieve the target of mutual trade volume of $ 500 billion. Presently, the total tune of mutual trade of D-8 countries stands at $ 120 billion.
Commerce Minister also welcomed the lift of international restrictions from Iran saying that it would pave the way for operationalization of banking channels with Iran and other members of D-8 group.
“Now the member countries will be in a better position to trade with Iran in a legalized manner” he observed.
Speaking on the occasion, D-8 Secretary General Dr. Muhammad Moussavi said that meeting discussed a wide range of issues pertaining to customs, tariff lines, visa sanctions as well as others and decided to hold customs officials meeting in Pakistan soon.
He said that D-8 countries had enormous potential of bilateral trade; therefore, they required to maximize the visa facilitations to traders and exporters of member states. However, after the activation of PTA, traders, exporters especially the members of chambers of commerce of member countries will get multiple visas of each other countries” he added.
After the conclusion of meeting Islamabad Declaration was also issued which stated that meeting reaffirmed commitment to pursuing the goals and objectives set out in the Summit Declarations held in Istanbul (1997), Dhaka (1999), Cairo (2001), Tehran (2004), Bali (2006), Kuala Lumpur (2008), Abuja (2010), Islamabad (2012) and to the Road Map (2008-2018);
Moreover, meeting also resolved to expedite the gazette notification of the D-8 Preferential Trade Agreement at the national level by the remaining Contracting Members, to adopt outcome of the 3rd Supervisory Committee and 4th Supervisory Committee Meeting held in Ankara and Islamabad respectively.
