Economy, Domestic Economy

Pak Paper Says FTA Talks Fail

Pak Paper Says FTA Talks FailPak Paper Says FTA Talks Fail

Negotiations between Pakistan and Iran on a free trade agreement have failed to make progress. Officials of both counties signed a five-year strategic trade cooperation plan during Iranian President Hassan Rouhani’s visit to Pakistan in March 2016 and it was decided that negotiations on an FTA start in June 2016, but this has not happened so far because of the lack of interest from the Iranian side, according to Pakistani newspaper Daily Times.

Both counties have to share the draft of the free trade framework agreement with each other before FTA negotiations can start. The Pakistani side has reportedly sent the draft to the Iranians, but Tehran has yet to do so, according to the newspaper.

Iran exported $205 million worth of non-oil goods to Pakistan during the first three months of the current Iranian year (March 20-June 20, 2016), a 29% rise compared to last year’s corresponding period, according to the Islamic Republic of Iran Customs Administration’s data.

Petrochemicals, fruit juice, vegetable seeds, pistachios, chocolate, fruits and vegetables and cement were among the main exports.

Imports, mainly including rice, livestock, vegetables, beans and sesame stood at about $86 million during the same period, registering a 65% increase.