Pakistan, Thailand eye to ink FTA by 2017

ISLAMABAD, August 14 (TNA) - Pakistan and Thailand plan to seal their free trade agreement (FTA) by 2017, after which the value of bilateral trade is likely to reach two billion US dollars yearly. Visiting Islamabad this week for the 3rd meeting of the Joint Trade Commission of both countries, Thai Commerce Minister General Chatchai Sarikulya told TNA on Friday that both sides have agreed to start their FTA negotiation in Thailand next month. At present, General Chatchai said, the value of bilateral trade between Pakistan and Thailand stands at about one billion US dollars annually and both countries expect the value of two-way trade should double by 2017 if their FTA was sealed then. General Chatchai pointed out that Pakistan, with its population of 180 million and its networking with eight other countries in the South Asian region with their total population of 1.6 billion, is a potential market for Thailand. General Chatchai acknowledged that many Thai products are popular in Pakistan, but they have been exported through Malaysia and the United Arab Emirates (UAE) and a bilateral FTA, if concluded, should, thus, help expand Thai exports to South Asia, while Pakistan also wants Thailand to be its gateway in the Association of Southeast Asian Nations (ASEAN). The commerce minister noted that Pakistan is a source of gems and fishing products for Thailand and a market for Thai exports of automobiles, auto parts, chemical, plastic and rubber products and manmade fibres. During the joint trade meeting, Pakistani and Thai business operators also sealed an automobile business deal, worth 4 million US dollars. Besides, a large-scaled Pakistani rice importer expressed its interest in purchasing Thai grains. According to the commerce minister, the Thai side also learned from the meeting that Pakistan wants to invest in local infrastructure development projects, especially energy-related ones, and he will, therefore, encourage Thai business operators in relevant fields to explore business opportunities there. (TNA)