Islamabad: Nguyen Tien Phong, Vietnam’s ambassador to Pakistan, said on Wednesday that talks on the planned Preferential Trade Agreement (PTA) between Pakistan and Vietnam will likely take place in mid-November.

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Both parties will tackle two major bilateral trade and investment agenda items at the meeting: the PTA and the agreement on investment promotion protection.

The fifth session of negotiations under the trade subcommittee, according to the envoy, would also cover other aspects of bilateral trade and investment cooperation. He stated that following the signature of the PTA, talks on a Free Trade Agreement (FTA) to expand trade volume between the two countries are expected.

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Bilateral commerce between the two countries currently stands at $700 million, significantly below its potential; trade volume can be increased to $1 billion in the next one to two years. In response to a query, he stated that, aside from the impact of the pandemic, the main cause for the fall in bilateral commerce volume between the two countries was a lack of mutual awareness.

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