Pakistan, Qatar to ink trade deals soon

Pakistan, Qatar to ink trade deals soon

Islamabad (Agencies): Pakistan and Qatar have agreed in principle on a preferential trade agreement (PTA) and a free trade agreement (FTA) to enhance bilateral trade.

The agreements will soon be signed after necessary formalities.

Pakistan has also offered to establish a plant in Qatar to manufacture footballs for the FIFA World Cup 2022 as well as subsequent football tournaments.

Nebras Power, a major investment group in Qatar’s energy sector, has expressed an interest in investing directly in Pakistan’s power sector.

According to Qatar’s media, the two-way trade exchange between Qatar and Pakistan reached QR9.5bn in 2018, witnessing an unprecedented 63 percent growth) as a result of better ties.

The balance of trade is currently skewed in favour of Qatar due to the export of high-valued products to Pakistan. But the South Asian nation is also working aggressively to enhance collaboration in the field of manpower aiming to increase the flow of remittances, which will eventually make the economic relations more balanced.

Currently some 150,000 Pakistanis live and work in Qatar and remitting about $400m annually to the Pakistani economy. Pakistan has been working to secure more Qatari visa to provide doctors, engineers and other skilled manpower.