The government is making strategy to increase the exports of Pakistan by focusing on the Latin American Markets.
Ministry of Commerce is looking towards Latin American Markets to enhance the exports of Pakistan.
Latin Americas is a standout amongst the most critical non-conventional markets where Pakistan’s piece of the pie is irrelevant notwithstanding a colossal potential for Pakistan’s fares to the locale in both customary and non-customary fare divisions.
To accomplish more prominent market access in the area, Ministry of Commerce had consented to a Framework Arrangement on Trade with Mercosur (an exchange square involving Argentina, Brazil, Paraguay and Uruguay) in 2006 with a view to consent to a Preferential Trade Arrangement (PTA) prompting a Free Trade Agreement (FTA).
Pakistan has a yearly respective exchange of US$ 1 billion with Mercosur nations. Pakistan’s yearly reciprocal exchange with Argentina is US$ 200 million which can possibly increment to US$ 800 million.
FTA will give a chance to address exchange shortfall with Mercosur nations. Pakistan’s imports of Soya bean Oil and Cake give a rewarding business sector to Argentina and Brazil, while Pakistan is for the most part centered around Textile fares. Pak-Mercosur FTA will make further win-win situation for both countries.