Federal Cabinet approves the ex-post facto signing of TFA b/w Pakistan & trade bloc of South American countries called MERCOSUR

ISLAMABAD, Sep 03 (SABAH): The Federal Cabinet has approved the ex-post facto signing of the Trade Framework Agreement between Pakistan and trade bloc of South American countries called MERCOSUR.

The trade bloc comprising countries like Brazil, Argentina, Uruguay, and Paraguay, is commonly referred to as the Southern Common Market. The Federal Cabinet also ratified the Trade Framework Agreement.

With regard to the framework agreement, the Prime Minister said South American countries can be a good market for Pakistani goods but the Pakistani economy has not yet been able to reap the benefits of this market.

He directed that all agreements and memorandums of understanding related to the economy should be expedited.

The cabinet also approved the signing of a bilateral political consultation Memorandum of Understanding between the Albania’s Ministry of Europe and Foreign Affairs and the Ministry of Foreign Affairs of Pakistan.

Besides, the meeting also ratified the Convention on the Privileges and Immunities of the Secretariat, its staff, and representatives of member states of the Conference on Interaction and Confidence Building Measures in Asia 2010.

Meanwhile addressing the cabinet, Prime Minister Shehbaz Sharif expressed the commitment to bringing economic growth and stability in the country. He said we have to provide productive employment and reduce expenditures, in addition to shrinking circular debt in gas and power sectors. He emphasized the need to advance in this direction with urgency.

The Prime Minister also highlighted the need to control and eliminate evasion and corruption in revenue collection, as well as to end smuggling. He recognized that there is also seriousness and commitment towards this end, expressing the confidence that the country will achieve its destination. 

PM Shehbaz Sharif said the requirements and conditionalities of the IMF will be met on time and expressed confidence that its board will approve Pakistan’s loan program. He, however, noted that we should remember this will be the last IMF program and emphasized that the country will stand on its own feet.

PM Shehbaz Sharif expressed satisfaction over gradual reduction in the inflation rate. He said it came down to a single digit of 9.6 percent in the month of August, compared to twenty seven percent of the corresponding period last year. Describing it as a very good achievement, he commended the finance ministry and other relevant ministries for their efforts in this regard.