PSATF urges govt to boost trade with Africa

KARACHI: Pakistan’s exports to South Africa are hindered by high import duties, with tariffs on apparel at 40 per cent, yarn at 15 per cent, and fabrics at 22 per cent. This concern was raised during a meeting between the Pakistan Southern Africa Trade Federation (PSATF) delegation, led by Chairman Muhammad Rafiq Memon, and Trade Development Authority of Pakistan (TDAP) CEO Zubair Motiwala on Monday.

The PSATF delegation highlighted the immense potential of Africa, a $3.1 trillion economy, compared to Pakistan’s limited exports to the continent, which stand at only $2 billion. It was revealed that Pakistan has a trade presence in just 20 of Africa’s 54 countries, despite projections by the World Bank indicating Africa’s GDP could reach $26 trillion by 2050.

During the meeting, Rafiq Memon pointed to the urgent need for Pakistan to sign preferential trade agreements (PTAs) and free trade agreements (FTAs) with the top 10 African economies and other high-growth countries. He stressed that these agreements would help increase trade volumes between Pakistan and southern and east Africa.

Memon expressed optimism, saying that the PSATF aims to achieve $50 billion in exports of Pakistani products and services to Africa by 2030. “This target is achievable, but it requires a robust engagement policy from the government of Pakistan with leading African economies,” he said.

The meeting concluded with a decision to organise a joint press conference featuring PSATF and TDAP leadership to raise awareness about Africa’s trade potential.

Memon also shared details of recent productive discussions with the Special Investment Facilitation Council (SIFC) and the Board of Investment (BOI) in Islamabad, where PSATF’s trade and investment promotion activities were discussed.