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FBR reservations: Govt undertakes revision of FTAs, PTAs

FBR reservations: Govt undertakes revision of FTAs, PTAs

ISLAMABAD: The Federal government has decided to reconsider the status of all standing Free Trade Agreements (FTA) and Preferential Trade Agreements (PTA) signed with different countries including China. Currently FTA-2 with China is also under consideration.

As per details, the government has taken the decision following the Federal Board of Revenue reservations regarding all these agreements. The board has pinpointed different procedural loopholes and shortcomings that have been depriving the national exchequer of invaluable revenue. FBR Chairman Tariq Bajwa is of the view that the FTAs and PTAs are more favourable to other countries than Pakistan.

The FBR report has mentioned that in particular those businessmen who are interested in working with Chinese companies and investors in joint ventures have complained that their counterparts did not pay any attention to projects where the manufacturing of goods is meant for export to China.

The Federal government has said that the FTAs and PTAs were signed in haste. The internal audit of previous projects of the Trade Ministry has been instigated. Furthermore, all the stakeholders will be taken aboard prior to the signing of any new agreement.

Therefore, Pakistan has informed all those governments with which the country has signed FTAs and PTAs that the previous agreements with the respective governments will be revised and Pakistan’s interests will be paid proper and equal attention.