close
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!
April 5, 2013

Dr Baig for enhancing regional trade

Top Story

April 5, 2013

KARACHI: Dr Mirza Ikhtiar Baig, former adviser to PM on Textile and Chairman Baig Group, has emphasised the need to enhance regional trade, particularly in textile sector, for which a great potential exists.
He was speaking at the South Asia Strategic Leadership Summit 2013 here to find ways and means to improve economic, social and political relationship among the regional countries, says a press release.
Dr Baig said that the world’s most successful trade model is the regional trade. “Nafta have more than 60% trade among their member countries, European Union 53% and Asean 26% whereas our South Asian block Saarc only has 5% trade among our region countries.”
He informed the participants of the conference, the leading corporate leaders of South Asia, they should stop considering each others as competitors, and rather they should join hands for resource mobilisation and joint use of marketing networks.
Dr Baig explained that there was the time when China was the biggest competitor of Pakistan in cotton yarn and today China is the biggest buyer of Pakistan cotton yarn. “Similarly, now China is also buying denim and grey fabric for manufacturing garments from Pakistan.” He said with the annual 20% increase of the manufacturing cost and wages in China, the country will be uncompetitive in exports of garments in next three to four years leaving a huge pie of more than $200 billion per annum for countries like Pakistan, India, Sri Lanka, Bangladesh and likewise to Japan and Korea who eventually switched from textile to high-tech industries.
Dr Baig suggested the regional textile players to enhance their economy of scale and production capacities in value added textile sector to get the fair share of the Chinese market. He congratulated the organisers of Nutshell Forum for arranging the summit which will be truly instrumental in enhancing bilateral trade and investment among the countries of the region.