By NNN-APP
Islamabad : Pakistan and Malaysia have signed a comprehensive Free Trade Agreement (FTA) recently for closer economic partnership and boosting trade between the two brotherly countries.
This agreement would apply to trade between the two countries relating to a large number of products, a CBR statement said.
Malaysian market has good potential for Pakistani exports, and can also serve as a gateway for the entire ASEAN Region.
This Free Trade Agreement with Malaysia will ensure that Pakistani products have an edge over the products of other countries in the Malaysian market.
This historic and land mark agreement is the first bilateral FTA between the two Muslim countries, both members of OIC.
It is Malaysia’s fist such agreement with any country of South Asia and also Pakistan’s fist comprehensive agreement with any country.
To operationalizing Pakistan-Malaysian Free Trade Agreement (FTA) from January, the government has issued SRO 1261(1)/2007 on December 31,2007 wherein Margin of preference of 20% of existing tariff rates to 129 products has been granted.
Whereas tariff on palm oil has been reduced by 10% on a margin of preference which will be reduced further 5% on January 1, 2010. Similarly, tariff rates have been reduced ranging from 0% to 40% on more than 5000 Pakistan Customs Tariff lines.