ISLAMABAD – The incumbent government would revisit the existing tradeagreements with various countries to ensure enabling environment forpromotion of the country’s trade in international market, Adviser to thePrime Minister on Commerce, Textiles, Industries Production and Investment,Abdul Razzaq Dawood said. “We have to revisit the Free Trade Agreement(FTA) with many countries including Thailand and Turkey,” the Adviser saidwhile talking to APP here Wednesday.
He said that the incumbent government was determined to promote regionaltrade and export-led growth of economy. He said that the government wouldgive priority to promotion of export-led growth by enhancing exports andreduce dependence on imports, adding that it had identified many sectorsthat would boost exports from the country.
“Primarily, we are focusing on increasing exports in engineering andInformation Technology (IT), chemicals and innovated technology items byenhancing their competitiveness in global market,” he added.“Promotion of regional economic and trade integration is priority of thegovernment for increasing trade with regional countries including Iran,India, Afghanistan and Central Asian States,” he said.
The Adviser said the regional trade would benefit Pakistan in enhancingexports and reducing the ever-increasing trade deficit it has been facingfor years now as it had touched around $37.6 billion figure during thefiscal year 2017-18.Dawood said that export promotion strategy would focus on increasing thecountry’s exports to compete with regional and global players in theinternational market.
Replying to a question, the Adviser said that the agricultural exportsalone would not enhance the country exports, highlighting the importance ofswitching to value addition in this particular field to promote export ofits value-added products.He said special attention would also be given towards promotion of textileexports, particularly knitwear, apparel, garments, leather products andrice besides promoting the furniture industry of the country which hasgreat export potential.He said that the government, in consultation with stakeholders, woulddevise comprehensive policy guidelines to promote textile and industrialexports. “I would call representatives of textile and rice sectors andexporters as well as other stakeholders for consultations to devise futureguidelines for growth in these sectors,” he remarked.
He added that Small and Medium Enterprise (SMEs) sector would also beencouraged for playing its role in economic growth and prosperity. He saidthat the government would also revisit trade policy to make it moreresult-oriented and in favor of the country. “We would focus on promoting‘made in Pakistan good’ and discourage imports,” he remarked.
Highlighting the need for reducing dependence on imports, the Adviser saidthat the government would allow import of raw material for industry. “Weare already in trade with North and South American countries includingSouth East Asian Economic and there is more trade potential which needs tobe explored”, he expressed.The Adviser further said that the government would also explore newinternational markets for its exports, adding “we are committed to explorenew market by mainly focusing on African continent.