Govt looks inside Asia to improve intraregional trade

LAHORE: The government is looking towards its nontraditional trade partners to improve intraregional business volume and shore up economic stability, commerce adviser said on Friday.

Adviser to Prime Minister on Commerce and Investment Razak Dawood said the government is vigorously following a prudent policy to boost export and minimise import for the economic stability through offering lucrative package of incentives to industrialists and businessmen.

“Vietnam and South Korea and other Pacific and South East Asian markets will be connected,” Dawood said at a meeting with a business delegation. “The government will negotiate with these countries for promotion of trade.”

The delegation was led by Iftikhar Ali Malik, president of South Asian Association for Regional Cooperation Chamber of Commerce and Industry. Businessmen SM Muneer, Khalid Tawab, Zubair Tufail and secretary commerce also attended the meeting.

Pakistan Business Council (PBC), in a report, found the country one of the lowest regionally-integrated countries in the world. Its trade with regional partners has remained paltry over years despite immense potential. As of 2018, the share of regional partners in Pakistan’s imports was 4.67 percent against a share of 7.42 percent in Pakistan’s exports. The share of Pakistan’s trade with India, Afghanistan, and Iran as a bloc has been on a decline for both imports as well as exports, according to an estimate, particularly analysing trade relations with three neighbouring economies: India, Afghanistan and Iran.

Dawood said the government is working on short- and long-term policies simultaneously to boost economy besides accelerating the pace of industrialisation throughout the country on top priority.

The commerce adviser said Pakistan has climbed 28 points on the World Bank’s ease of doing business index “that has given an encouraging signal to the investors from abroad”.

Dawood assured the delegation that all their viable proposals and legitimate demands would be given importance in policymaking process and necessary directions would be issued to concerned quarters for their redressal without loss of time.

Advisor said the government would shortly allocate requisite funds for the completion of modern building complex of SAARC Chamber head office in Islamabad.

Muneer, ex-chief of Trade Development Authority of Pakistan termed the meeting as result-oriented. This will help a lot to restore the confidence of business community especially exporters and foreign and local investors, he said,

Zubair Tufail, former president of the Federation of Chambers of Commerce and Industry said the business community of the country would provide its support to the government towards implementing its reform agenda and overcoming the current economic challenges in the wake of global pandemic.