Business

Businessmen demand clear trade policy

Stress shortcomings in trade diplomacy should be addressed to facilitate exporters

Usman Hanif July 07, 2022

The Indonesian envoy said that Pakistan could take advantage of the $3 trillion trade market of Asean, for which a comprehensive plan was needed. photo: file

KARACHI:

The business community has called on the Trade Development Authority of Pakistan (TDAP) to address the shortcomings in trade diplomacy with Pakistan’s trading partners to facilitate the exporters.

Pakistan Businesses Forum (PBF) Vice President Ahmad Jawad said that TDAP should come up with a clear trade promotion policy that could serve
the exporters.

“The country’s export base is changing,” he said, adding that TDAP should focus on the domestic market and supply chain, instead of spending on foreign trips.

“Promotion of exports with limited budgets is not helping, especially in the IT, industrial and services sectors,” commented Arif Habib Commodities CEO Ahsan Mehanti while talking to The Express Tribune.

Jawad stressed that the focus should be on trade diplomacy with the trading partners keeping in view the free trade agreements (FTA) and preferential trade agreements (PTA).

“TDAP should develop and promote exports holistically, through focus, synergy, collective wisdom and consultation with the stakeholders,” he said.

Highlighting the role of TDAP, Arif Habib Limited Head of Research Tahir Abbas said that the organisation should provide a broader view and analyse developments in global trade. “It should promote exports and identify the key areas through which Pakistan can diversify its exports.”

Jawad underscored the need to analyse the export-oriented supply chain, domestic and global business and political dynamics, costs and ease of doing business.

One of the major deficiencies in Pakistan’s exports is the lack of efforts by the commercial counsellors at foreign missions.

Their role is to promote and facilitate Pakistani products and businesses. Unfortunately, they lack the credentials in meeting the exporters’ expectations, the businessmen said.

There is a need to audit the whole export chain and process, identify the gaps and initiate steps aimed at achieving sustainable growth in Pakistan’s exports, they added.

Published in The Express Tribune, July 7^th, 2022.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.