Pakistan's Commerce Minister Humayun Akhtar Khan and Foreign Ministers of MERCOSUR trade bloc comprising Argentina, Brazil, Paraguay and Uruguay have signed the Framework Agreement on Trade (FTA) between Pakistan and MERCOSUR in Cordoba, Argentina, an official statement said. Signing of the FTA will initiate the process of negotiations between Pakistan and MERCOSUR to conclude a Preferential Trade Agreement, which will ultimately lead to Free Trade Agreement. The volume of trade between Pakistan and members and associate members of MERCOSUR which is currently hovering around $ 250 million per annum is bound to increase, the statement said. On the occasion, Khan highlighted Pakistan's achievements in the economic field which have transformed it into a hub for trade with South Asia and Central Asia. Recalling that the idea of a free trade agreement with MERCOSUR was part of President Musharraf's Latin America initiative, presented during his ground-breaking visit to the region in 2004, the Commerce Minister underscored the importance of giving substance to the traditionally cordial relations between Pakistan and MERCOSUR countries. He referred to Pakistan's similar trade initiatives with Sri Lanka, China, Malaysia and Singapore and said that the Agreement with MERCOSUR would further strengthen the South-South.
