FPCCI stresses entering GVCs

KARACHI: Pakistan should enter the Global Value Chains (GVCs) to diversify its exports, reduce the trade deficit, and boost overall economic growth, an industry official said on Thursday.

“According to WTO, over 66 percent of global trade takes place through GVCs,” Syed Mazhar Ali, senior vice president Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said in a statement.

Ali said Dr Miftah Ismail, the federal finance minister, deserves a round of applause for not only taking effective measures to resolve the riddle of falling export competitiveness but also for making a realistic case of taking exports up to $150 billion within the next eight years as envisaged under Vision 2025.