LAHORE: Pakistan has stepped up efforts to explore emerging trade opportunities in American and Indonesian markets in the wake of US sanctions on trading partners and tariffs relaxation by Indonesia, a senior official said on Saturday.
The ministry of commerce hosted a seminar on “Trade Opportunities in China, Indonesia and the United States of America”. Its objective was to maximise its outreach to the business community and to address concerns and issues faced by them.
Advisor to the Prime Minister on Commerce Razak Dawood said the present effort has been made to ensure the widest possible and inclusive coverage and to provide a platform to the whole business community to share their concerns and inputs to overcome the issues faced by them.
“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 wake of recent developments in these markets,” Dawood said in a statement.
The United Nations Conference on Trade and Development (UNCTAD) said US-China’s trade tiff is expected to pave way for Pakistan to have export gains of around one billion dollars.
Pakistan would have export gains of 3.8 percent of its total exports as a consequence of Chinese tariffs on the US, UNCTAD said in a latest report. Around $250 billion in Chinese exports have been subject to US tariffs, while approximately $110 billion in US exports subject to China’s tariffs from the start of this month.
Last year, Indonesia abolished import duties of up to 30 percent on 20 Pakistani products. Pakistan provides preferential tariffs to 313 imports from Indonesia that allows 232 imports from Pakistan under reduced duty structure under a trade agreement. Local exporters have, however, been unable to benefit from around 200 tariff lines.
Dawood further said government’s main objective is to facilitate the business community in the country to provide a level-playing field to all the stakeholders. “Reforms package is aimed at encouraging the business community for more investments to enhance country’s exports.”
All the registered chambers and associations from across the country were also extended an invitation to be a part of these consultation sessions and share their input on the subject.
The representatives of participating associations and chambers appreciated the outreach initiative of the ministry of commerce.
They highlighted the importance of incorporating stakeholders’ voice in the policymaking and market access negotiations.
They informed that they would continue to send their proposal to improve business environment of the country.
They appreciated the economic relief package passed by the parliament a few days ago and the tariff rationalisation exercise of the commerce ministry.