Pakistan and Thailand agreed to enhance their trade and investment ties

(2013-11-19)

The Prime Minister of Pakistan who is undertaking a visit to Thailand at the invitation of the Prime Minster of Thailand Ms. Yingluck Shinawatra, held comprehensive discussions on a range of issues. The two leaders covered a wide agenda including collaboration in trade and investment, infrastructure development, science and technology, defence, education and tourism. Regional as well as international issues also came up under discussion. The Prime Ministers of Pakistan and Thailand expressed their satisfaction at the progress made in various aspects and agreed to further consolidate and expand partnership for the mutual benefit of the two people.

Economy and trade relations remained a high priority on the agenda. The Prime Ministers emphasized that due to economic complementarities, vast domestic and extended neighbourhood markets and unique geographical locations of Thailand and Pakistan the two countries could build a strong economic partnership. The two leaders agreed to take steps to double the level of trade in the next five years.

The Prime Minster apprised Prime Minister Shinawatra that Pakistan offered attractive investment opportunities and invited the Thai businessmen to invest in Pakistan in various sectors including infrastructure development, energy, auto parts manufacturing, fishery industry, food processing packages, gem and jewelry as well as tourism industry.

While talking about common cultural linkages through Gandhara civilization, the Prime Minister told the Prime Minister of Thailand that Pakistan desired to upgrade these relations in all areas of cooperation. Enhancement of Pakistan-Thailand relations was an important component of Pakistan’s Vision East Asia Policy that complements Thailand’s Look West Policy.

The two leaders also agreed on the need to enhance and deepen cooperation in the regional and multinational framework. The Prime Minister appreciated Thailand’s consistent support for Pakistan enhancement partnership with ASEAN.

In order to enhance their economic and trade cooperation the two leaders agreed on the following steps:

· Regular interaction between the Boards of investment, Chamber of Commerce and Industries.

· An early conclusion of Free Trade Agreement (FTA) between Thailand and Pakistan would help double the trade level between the two countries. It was agreed to hold FTA negotiations in the beginning of 2014.

· The meeting of the Joint Trade Committee to be held at the earliest to indentify items to increase trade between the two countries.

· Agreement to hold third meeting of the security experts in the first quarter of 2014 under the framework of “Combatting Terrorism and Certain other Crimes” in the first quarter of 2014.

· The two countries to hold a meeting of Joint Committee on Science and Technology in Islamabad in February 2014.

During the talks, the Prime Minster was assisted by Mr. Tariq Fatemi, Special Assistant to Prime Minister, Ms. Anusha Rahman Ahmad Khan, Minister of State for Information Technology and Telecommunication, Mr. Jalil Abbas Jilani, Foreign Secretary, Mr. Mohammad Zubair, Chairman of Board of Investment and other senior officials.

Islamabad
19 November 2013

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