Steps taken to explore South American markets

ISLAMABAD: In order to diversify export market, comprehensive measures are being taken to explore markets of South America to help boost trade from the country.

The South American markets have great potential, which needs to be exploited and by taking timely measures, Pakistan can benefit from this untapped potential, an official of the Ministry of Commerce said on Wednesday.

Argentina, Brazil, Colombia and Cuba have huge import potential for promoting trade from Pakistan.

For instance, Argentina has around $65 billion import market and by penetrating these markets, Pakistan can boost its exports, the official said.

Similarly, other countries such as Brazil have also huge economies, wherein Pakistani exporters could penetrate and benefit a lot, the official said.

The Senate Standing Committee on Commerce during its recent meeting has also asked the Ministry of Commerce to take initiatives for exploring these markets initially by taking some trade delegations to these destinations.

In addition, trade exhibitions could also be organised in these countries to attract local market importers, as well as investors.

Pakistan can exhibit its products such as rice, plastic, salt, surgical instruments and many more products to earn foreign exchange, the official said.

In order to boost trade, an appointment of around 41 trade officers is in the process and would be finalised soon. These trade officers would be deployed in different countries to help promote trade and investment.

The Strategic Trade Policy Framework (STPF) 2015/18 also envisages diversification of the export markets through adoption of an outreach strategy for Africa Commonwealth of Independent States (CIS) and Latin America.

As part of the market penetration and outreach strategy, these new markets will be explored through initiatives such as market research, opening of new trade missions, exhibitions and delegations and by promoting linkages through Export Import Bank (EXIM Bank).

The STPF 2015/18 aims at achieving annual exports to $35 billion, besides improving export competitiveness and making transition from the factor-driven economy to the efficiency-driven and innovation-driven economy.