Pakistan eyes FTA with EU

The government plans to hold the first round of talks on a Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) next month to increase the level of trade between the two sides.
The global imports of EFTA are hovering around US$180.36 billion and its imports from Pakistan are only $98.45 million, CNRC reported.
An official said that a high level official delegation will leave next month for Switzerland to initiate formal talks on the draft text to the agreement with the bloc.
Pakistan had formally requested for having a treaty with EFTA in a meeting with Swiss Under Secretary of State during her visit to Pakistan in February this year.
The Swiss government's help was also sought in the initiation of talks on free trade area.
The two sides will discuss in detail the products for duty reduction, rules of origin besides reaching an agreement on the draft text of the treaty.
Islamabad's current level of trade balance is heavily in favour of EFTA countries, and within EFTA, Switzerland is the largest trading partner for Pakistan.
The proposed free trade agreement with EFTA will provide increased market access to Pakistani goods and services and, similarly, import of machinery will be made at concessionary rates.