‘Pakistan exploring new markets to enhance trade’

ISLAMABAD: Pakistan is exploring new potential markets in different regions to increase its exports, an official said on Thursday.

Talking to APP, minister for commerce and textile Pervaiz Malik said that in today's world, trade and economic relations are a key component of diplomacy for maintaining ties with regional and global markets. Pakistan offers opportunities for peace and development, not only within the country, but also in the region, he added.

The government accords top priority to enhance country's exports and achieve its trade targets set for the current financial year. Malik said that he would evolve a short-, medium- and long-term strategies to enhance the multilateral trade with different potential markets of the world.  In the European Union (EU), Pakistan has a huge opportunity for exporting different goods and after signing the Generalized Scheme of Preferences (GSP-Plus), the country has increased its exports in EU member countries.

The minister said, "According to the vision of Nawaz Sharif, we are committed to enhance trade volume with EU and other regions of the world." Exports of home textile products to EU from Pakistan had increased 60 percent in 2016 as compared to 2013, he said, adding that Pakistan's carpet and rug exports in the EU had increased from 30.30 million euros in 2013 to 37.92 million euros in 2016, he added.

Malik said that Pakistan's exports of cotton and other raw materials for value-added textiles had grown rather modestly in the EU by around nine percent in 2016 as compared to 2013.  This indicated a healthy trend of increased consumption of raw materials by the downstream industry, he added.

"We are committed to finalise the free trade agreement with Turkey and Thailand for promoting trade ties with these countries," he said. "Pakistan has one of the most attractive investment regimes in the world and priority to facilitate the foreign investors." —APP