ISLAMABAD: The government of Pakistan has decided to join the South American trade bloc MERCOSUR soon to increase the exports of its products.
The federal cabinet has already approved the participation in the US trade bloc, in which the bilateral trade agreement between Pakistan and MERCOSUR could not be progressed due to the dispute, and now Prime Minister Shahbaz Sharaf has handed over the trade agreement to the cabinet. Concerns have been expressed over the delay.
It should be noted that some time ago, the framework of the trade agreement between the Government of Pakistan and the aforementioned trade bloc was presented to the cabinet for approval by the Ministry of Commerce and the government was informed that the South American trade bloc was initially a preferential trade bloc. agreement and which may later be converted into a free trade agreement.
The Cabinet was also informed by the Ministry of Commerce that only after the initial approval of the Federal Cabinet, talks with countries in the bloc were started, after which Brazil, Argentina, Uruguay and Paraguay were ready for a preliminary agreement. According to the Ministry of Commerce, as part of the country’s policy of increasing exports, the market of South American countries was chosen where Pakistan hoped to further promote its exports.
