Broadening the scope of trade

The biggest trading partners of Pakistan are the US, China, and EU countries. Pakistan’s trade with the rest of the world is less than 40 percent of its total global trade. Therefore, changes in global politics put the country in compromising positions that, sometimes, even lead to the threats of sanctions. The need of the hour is for Pakistan to gain a foothold in the trade of emerging markets. Our trade with the South American and African countries, and ASEAN is barely around $6 billion. An increase in the trade with these countries will improve our economy. More importantly, these markets wouldn’t be subjected to the whims of the western powers. Economic interdependence will lead to better diplomatic relations. Lobbying in these countries will also gain us some valuable support on international forums.

Pakistan needs to broaden its horizons and look for new trading partners and friends around the world. Instead of only looking towards pre-eminent powers, we need to seek the support and friendship of smaller and emerging nations.

Munail Waqar

Peshawar