Pakistan to search new potential markets to increase trade: Commerce Minister

ISLAMABAD: Minister for Commerce and Textile Muhammad Pervaiz Malik said Pakistan has been searching for new potential markets in different regions for increasing its exports.

Talking to APP here on Thursday, he said that in today's world, trade and economic relations are a key component of diplomacy for maintaining ties with regional and global markets.

The minister said that emerging positive reality of Pakistan offered opportunities for peace and development, not only within the country, but also in region.

He said that it was the top priority of the government to enhance the country's exports and achieve its trade targets set for the current financial year.

The Minister said that he would evolve a short, medium and long term strategy for enhancing the multilateral trade with different potential markets of the world.

He said in European Union (EU)'s markets, Pakistan had a huge opportunity for exporting different goods and after signing the Generalized Scheme of Preferences (GSP-PLUS), Pakistan had increased its exports in EU in different sectors.

Replying to a question, he said, "According to the vision of PML-N leader Muhammad Nawaz Sharif, we are committed to enhance the trade volume with EU and other regions of the world."

The minister said exports of home textile products to EU from Pakistan had increased by 60% in 2016 as compared to 2013.

Pakistan's exports of carpets and rugs in the EU had increased from 30.30 million Euros in 2013 to 37.92 million Euros in 2016, he added.

He said Pakistan's exports of cotton and other raw materials for value added textiles had grown rather modestly in the EU by about 9% in 2016 as compared to 2013.

The minister said this indicated a healthy trend of increased consumption of raw materials by the downstream industry.

"We are committed to finalize the Free Trade Agreement with Turkey and Thailand for promoting trade ties with these countries," he said.

The minister said, "Pakistan has one of the most attractive investment regimes in the world and priority to facilitate the foreign investors."

He said that Pakistan's policy trends have been consistent with liberalization and facilitation being its cornerstones.

Pervaiz said that vast investment opportunities were available in Pakistan in various sectors including energy, consumer goods, food and agriculture, housing, health care, education and capital markets.

"We are committed to portraying the better image through trade diplomacy and using modern tools of marketing for enhancing country's trade." the minister said.