ISLAMABAD: The Ministry of Commerce is considering signing a Preferential Trade Agreement (PTA) with Ukraine to enhance trade and economic cooperation between the two countries.
Both the countries signed the Trade and Economic Cooperation Agreement to enhance volumes of bilateral trade between the two countries in the light of World Trade Organization (WTO). Ukraine became WTO member in May 2009.
Source told Customs Today that the Ministry of Commerce had undertaken enormous efforts to update Pakistani exporters and businessmen about market opportunities and trends available in the Ukrainian market.
“Consequently, Pakistan’s cotton fabrics, all sorts of rice, chemical products and synthetic fabrics have gained foothold in the Ukrainian market” the source observed, adding that MoC was intended to explore the possibility of opening a commercial section and trade office in Ukraine.
The source while sharing data of bilateral trade between Pakistan and Ukraine with this source said that trade balance was in favor of Ukraine because of the fact that Pakistani imports were several times higher than the exports.
Trade deficit over last three years, the trade deficit remained $158.9 million, $325.5 million and$ 74 million in financial years 2013-14, 2014-15 as well as first six months of 2015-16 respectively.
The source said that Pakistani exports remained $72.5 million, $55.7 million and $19.2 million in financial years 2013-14, 2014-15 as well as first six months of 2015-16 respectively.
On the other hand Pakistani imports from Ukraine remained higher than expectations; the source said adding that total volume of Pakistani imports was $231.4 million, $380.9 million and $93.2 million in the aforesaid financial years.
Whereas the total tune of bilateral trade between Pakistan and Ukraine were $ 303.9 million, $ 436.6 million and $ 112.4 million in the previous two financial years and one half year.
