Himalayan News Service

Kathmandu, March 31:

The visiting Pakistani state minister for economic affairs, Hina Rabbani Khar noted that early signing of a bilateral free trade agreement (FTA) would ensure better trade facilitation between two countries. While interacting with Nepali industrialists yesterday at a programme organised by the Confederation of Nepalese Industries (CNI), she said that the FTA would be beneficial for both Pakistan and Nepal not only to explore new avenues but also to exploit existing potentials. “We should enter into the bilateral FTA, even if the South Asia Free Trade Agreement (SAFTA) gets delayed,” said Khar, adding that efforts to promote cooperation in the ambit of SAARC should also be equally considered. Explaining Pakistan’s experiences, she suggested that the cost of doing business should be reduced in order to achieve targeted growth. “Pakistan has been successful to achieve a desired GDP growth in recent years due mainly to consistent policy, liberalisation, stable monetary system and greater role of private sector,” she added.

Today’s economy mostly lies on the private sector’s hand, while the government’s role should be paving path for creating a conducive environment, Khar said. Speaking on the occasion, Binod Kumar Chaudhary, president of CNI, invited Pakistani private sector and their expertise in the field of textile, leather and pharmaceutical sector. He also asked the Pakistan government to consider using Wagha-Attari route for trading activities with Nepal. Zubair Ahmad Malik, vice-president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), reiterated that entering into a bilateral FTA would ensure increased business activities between the two countries. “If we work together with a firm determination, we can easily double bilateral trade in the next six months from the current level,” he said. The total value of Nepal-Pakistan trade in the last four years amounted to less than $14.5 million.

Pukarman Singh Rajbhandari, Nepali ambassador to Pakistan, briefed about the progresses being made during the fifth Nepal-Pakistan Joint Economic Commission (JEC) meeting held in Kathmandu.