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Commerce ministry focusses on modernizing trade mechanism

Commerce ministry focusses on modernizing trade mechanism

ISLAMABAD: Ministry of commerce is focussing on modernizing trade mechanism to facilitate international and domestic trade and enhance export.

“We are working to search new trade avenues and markets in different regions of the world to get access to these markets for promotion of country’s trade,” Senior official of ministry of commerce told APP, here on Wednesday.

New tarde policy mainly targeted the international and internal trade for improving supply chain, enhancing use of technology and providing competitiveness.  The government is committed in providing direction and diversification to internal trade for enhancing supply chains to enhance the country’s exports.

Free Trade Agreements (FTAs) with Turkey,Thailand and Iran were under negotiation phase and agreement would be finalized in coming months, he added.  The official said that priority of the government would be to initiate the FTAs on same pattern with the Latin American Countries for promoting free trade with the regional countries.  The South American markets had great potential which needed to be exploited and by taking timely measures he said, adding that Pakistan could be benefited from this untapped potential.  Argentina, Brazil, Colombia and Cuba have huge import potential for promoting trade from Pakistan.  He said that the Strategic Trade Policy Framework (STPF) envisaged diversification of export markets through adoption of an outreach strategy for Africa, Commonwealth of Independent States (CIS) and Latin America.

The STPF 2015-18 aims to achieve annual exports to US$ 35 Billion besides improving export competitiveness and making transition from ‘factor-driven’ economy to ‘efficiency-driven’ and ‘innovation-driven’ economy.

He said that in seventh round of negotiations on Free Trade Agreement (FTA) between Pakistan and Turkey,both sides had discussed the specific sectors including textile sector during the negotiation.

Pakistan and Turkey’s Free Trade Agreement (FTA) will be signed on August 14, for enhancing the bilateral trade between two countries.

He said the country’s major exports to Turkey were denim PET, ethanol, cotton yarn, fabric and rice, garments,leather, carpets, surgical instruments,sports good, chemicals.