RAWALPINDI: Thailand and Pakistan are making efforts to reach a Free Trade Agreement (FTA), which will hopefully be finalised by the end of 2016.
This was stated by Ambassador of Thailand in Pakistan, Suchart Leingsaengthong, during his visit to the Rawalpindi Chamber of Commerce and Industry (RCCI). The ambassador discussed various options for further enhancing the bilateral trade ties between the two countries.
The envoy was accompanied by Counsellor Marisa Indramangla and political and economic assistant Syed Hassan Iqbal. President RCCI Mian Humayun Parvez, Senior Vice President Saqib Rafiq, Vice President Muhammad Aqil obaid, former presidents, chairman fair and exhibition committee Raja Amir, members of the executive committee and a large number of traders were also present on the occasion.
The Ambassador said that conclusion of FTA would not only boost trade but it would also help strengthen the trade ties between the two countries. The current volume of bilateral trade is very low and this has to be enhanced, the envoy added. He said given the size of Pakistan’s economy, Thailand considered it a promising country for business relations. The exchange of delegations is very important to know each other. The envoy assured that his Embassy would facilitate businessmen in improving trade volume between the two countries.
RCCI President Mian Humayun Parvez said the existing bilateral trade volume is around $1 billion which could be doubled by improving connectivity between the private sectors of the two countries.
RCCI president suggested that the exchange of trade delegations and holding exhibitions on reciprocal basis is the best way for promoting bilateral trade. There is a huge scope of investment and there is a need to explore various sectors like gem and jewelry, auto parts manufacturing, rubber and plastic products, food processing, packaging, vegetable seeds, tourism and hospitality.
Transfer of technology, polishing and finishing of stones, mining machinery, and setting up a testing lab for gems can further boost this sector. Later, President RCCI presented a memento to the Thai envoy.
