ISLAMABAD: Pakistan’s trade share in the global market has increased by 5.48 per cent during the last five years, Minister for Law and Justice Zahid Hamid said on Thursday.
He was speaking during National Assembly’s question-hour. The minister said Pakistan’s global export share in 2015 had increased by 3.50pc as compared to 2014.
He expressed hope that country’s trade share in global market would further increase due to upcoming economic activities under the China-Pakistan Economic Corridor (CPEC), regional trade arrangements and Strategic Trade Police Framework (STPF).
The government was well aware of the real issues affecting the country’s exports such as terrorism, energy crisis, low investment inflows and high cost of doing business, he said.
Several steps were taken reating to high cost of doing business, market access and competitiveness, he added.
He said a total of Rs20 billion would be spent on development of export sector during the next three years.
Other measures included support for the import of plant and machinery to strengthen supply chain and encourage value-addition, establishment of Export Promotion Council for Pharmaceuticals and Cosmetics, and Rice Export Promotion Council, Performance Based Incentive (PBI) to offset the burden of higher utility costs and local levies and taxes on the export sectors.
He said under short-term export enhancement measures four product categories were being focused including Basmati rice, horticulture, meat and meat products; and jewellery, with the parallel focus on Iran, Afghanistan, China, and European Union markets.
He said government was trying to get better market access for the local businesses in international markets by concluding Free Trade Agreements and Preferential Trade Agreements with different countries.
Bilateral free trade agreements with China, Sri Lanka, Malaysia, Iran, Mauritius and Indonesia were already in place, he added.
The opportunity of zero-rated market access in European Union market under GSP + scheme had provided a fillip to our exports to our largest market.
Moreover, the government is in the process of negotiating trade agreements with Thailand and Turkey.
Replying to another question, he added that Pakistan had not so far acceded to Information Technology Agreement during two main reasons including FBR had shown reluctance as removal of duties may result in loss of revenue and the Ministry of Industries and Production was of the opinion that without adequate tariff protection, there would be no incentive to set-up IT related industries in Pakistan.
However, he added, the Ministry of Industries has since modulated its stance on the agreement.
