Govt to introduce new trade policy to remedy Covid-induced challenges

Awan says govt taking every possible step to increase exports

ISLAMABAD:

Adviser to the Prime Minister on Parliamentary Affairs Dr Babar Awan on Friday informed the Senate that the government was formulating a new trade policy to remedy pandemic-induced dent in the country’s export growth.

Responding to various supplementary questions during Question Hour, the adviser said the government was taking every possible step to increase the country's exports.

He said the country’s export to the African countries registered a 7 per cent increase in just one year, adding that Prime Minister Imran Khan has set the target of increasing exports to Africa by 20 per cent.

Sharing details, Dr Babar said that Pakistan was exporting tractors to Sudan and Angola; three-wheelers to Ethiopia while transformers and home appliances were being exported to other African countries.

Responding to another question, he said vigorous negotiations were also underway with container companies to solve the problems of exporters.

He laid stress on the need to develop a more sustained political effort with the African countries in order to make geo-strategic gains but pointed out that Pakistan's trade with Africa had been stagnant at around $3 billion per year for many years, the main reason of which, he said, was Pakistan's inadequate engagement with Africa.

Africa was a huge market for exports of pharmaceuticals, surgical, engineering goods etc. Furthermore, services form an integral part of almost all African economies, he said.

He highlighted that there was a significant potential of export of IT services to Africa as the continent was also home to some of the fastest-growing economies in the world like Ivory Coast, Ethiopia, Ghana, Uganda, Rwanda and Tanzania, countries which had recorded persistent growth rates of more than 5% in the last decade.

The adviser said that in light of the above, the Ministry of Commerce had launched its "Look Africa Policy" initiative in 2018, to enhance focus and increase engagement with Africa, the second largest continent with a collective GDP of $2.20 trillion.