KARACHI -- President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Engr. Daroo Khan Achakzai has called for the need to explore "MERCOSUR" which is a regional trade bloc of South America comprising emerging economies of Argentina, Brazil, Paraguay and Uruguay founded in 1991 and other countries of South America were also associated members.
He added that it was a fifth largest market of world; functioning as a customs union and free-trade area with a combined market of 265 million people with nominal GDP US $ 3.3 trillion and average per capita income US $ 12,000.
While commenting on Pakistan-MERCOSUR, he stated that the share of common market of South America was less than one percent in trade of Pakistan.
The President FPCCI further stated that Pakistan-MERCOSUR Framework Agreement was signed in July 2006 to initiate the process of negotiation to conclude a Preferential Trade Agreement for the enhancement...