A new trade policy will be announced soon, said Prime Minister’s Adviser on
Commerce Abdul Razak Dawood on Saturday.
Addressing a seminar on ‘Trade opportunities in China, Indonesia and the
United States of America’, he said that the new trade policy was being
formulated in consultation with all stakeholders to make it more effective
and fruitful.
The event was organised by the Ministry of Commerce and the Trade
Development Authority of Pakistan (TDAP) to maximise its outreach to the
business community. In this regard, all registered chambers and trade
associations from across the country were invited to give their input in these
consultative sessions.
Dawood said that a committee had also been constituted to control deindustrialisation
in the country, asserting that the tariff policy would soon be
presented before the federal cabinet for its approval. The PM’s adviser said
that elaborative measures were being put in place to provide a platform to
the entire business community to share their views and to resolve issues.
“The present effort has been made to ensure the widest possible and inclusive
coverage, for providing a platform to the business community to share their
concerns and suggestions to overcome the issues being faced by them,” he
added.
Trade deficit shrinks 5% to $16.8b as imports go down
He said that the current sessions seek to focus not only on China but also
mean to raise awareness about the opportunities emerging in Indonesia and
the USA, in the wake of recent developments in these markets. The Free
Trade Agreement (FTA) between Pakistan and China was being deliberated
upon, and in this connection China as well, he remarked.
Elaborating on efforts to promote business, Dawood said the Pakistan
Tehreek-e-Insaf (PTI) government was focused on providing maximum
facilitation to the country’s business community, enabling it to have a level
playing field in their respective sectors. He said that the reforms package was aimed at encouraging the business community to attract more investment to
enhance the country’s exports.
The adviser was of the view that Pakistan would have to explore and add new
sectors and markets for boosting exports. He said the government was
committed to creating jobs for the youth, adding that a vibrant exportoriented
industry would help create job opportunities. He called upon the
business community to play its due role in the economic well-being of the
country and assured them of his full cooperation and support in resolving all
their problems.
Also present at the event, Commerce Secretary Younus Dagha gave a detailed
presentation on Pakistan-China trade relations with specific reference to
review of tariff lines.
Within the perspective of China-Pakistan Free Trade Agreement (CPFTA),
Dagha emphasised that Pakistan had gained unique bargaining power with
China such as inclusion of balance of trade clause in the agreement and
revision of safeguard provisions.
In addition to this, Pakistan also gained a favourable consideration on
immediate elimination of tariff on Pakistan’s top 65 priority items.
“This breakthrough in negotiations is expected to enhance Pakistan’s exports
to China,” he added. “It may also benefit our exporters in achieving greater
market access in Indonesia and USA in the wake of withdrawal of GSP status
from India and Turkey by USA.”
Also speaking on the occasion, representatives of trade associations and
chambers appreciated the outreach initiative of the commerce ministry.
They highlighted the importance of incorporating stakeholders in the policy
making process and market access negotiations.
Source: The Express Tribune, Pakistan Tuesday, 19 March 2019