The Federal Cabinet on Tuesday gave expost facto approval of the Trade Framework Agreement between Pakistan and trade bloc of South American countries called MERCOSUR.

The trade bloc comprising countries like Brazil, Argentina, Uruguay, and Paraguay, is commonly referred to as the Southern Common Market.

The Federal Cabinet, which here in Islamabad with Prime Minister Shehbaz Sharif in the chair, also ratified the Trade Framework Agreement.

With regard to the framework agreement, the Prime Minister said South American countries can be a good market for Pakistani goods but the Pakistani economy has not yet been able to reap the benefits of this market.

He directed that all agreements and memorandums of understanding (MoUs) related to the economy should be expedited.

The cabinet also approved the signing of a bilateral political consultation Memorandum of Understanding between the Albania’s Ministry of Europe and Foreign Affairs and the Ministry of Foreign Affairs of Pakistan.

Besides, the meeting also ratified the Convention on the Privileges and Immunities of the Secretariat, its staff, and representatives of member states of the Conference on Interaction and Confidence Building Measures in Asia 2010.