Envoys to look for potential sectors for trade boost

Conference of ambassadors called to step up regional trade.

LAHORE:

Pakistan has started work on increasing trade and commerce with different countries to strengthen its economy and as a first step all Pakistani ambassadors abroad have been asked to find out best possible sectors to boost bilateral trade.

In this regard, a conference of ambassadors posted in Organisation of Islamic Conference (OIC) countries, being organised by the Lahore Chamber of Commerce and Industry (LCCI) on April 14, would be a landmark and help step up trade between Pakistan and other Muslim countries, said Additional Foreign Secretary Munawar Saeed.

Speaking at the LCCI, Saeed stressed that the government was committed to promoting intra-regional trade and the ambassadors’ conference would supplement government efforts in a big way.

He said the world was becoming a tough place to live and for achieving economic stability in the next 20 years Pakistan would have to improve trade with regional and neighbouring countries.

“It seems that trade with India may disturb our economy and industry, but it will actually benefit the region in the long term. Most-favoured nation (MFN) status to India is basically aimed at normalising relations between the two countries under the World Trade Organisation (WTO),” he said.

Though India had given MFN status to Pakistan, it was using non-tariff barriers to hamper exports from Pakistan, he said. “A committee is working to deal with the non-tariff barriers.”

He stressed the need for market diversification, saying seven countries of the African region were among fast growing economies and offered huge business opportunities to Pakistani entrepreneurs. “We need to look at Africa as in the north African region Pakistan’s presence is very weak.”

Speaking on the occasion, LCCI President Irfan Qaiser Sheikh expressed the hope that the OIC Ambassadors Conference would help explore and exploit the potential of trade and investment among OIC member countries.

With the passage of time, regional trade had emerged very successful around the globe, but “we have been least active and successful in forming an effective bloc,” he said.

To improve regional trade, the Foreign Office and the LCCI have agreed on forming a Strategic Joint Chamber of five countries – Pakistan, Iran, Turkey, China and Russia.

Published in The Express Tribune, April 1^st, 2012.