Pakistan’s improvement in WTO's TFA implementation adding value to economy: Shaikh

Advisor to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh has said that the World Trade Organization's Trade Facilitation Agreement implementation level of Pakistan has reached 79 percent this month from 34pc in June 2018.

In a tweet, he said that the level of TFA implementation in Pakistan is greater than India, Bangladesh and average of all WTO countries. “This facilitation is adding value to Pakistan's economy & creating new jobs,” the advisor said.

The statement comes after Pakistan showed considerable improvement in its implementation of World Trade Organization (WTO)'s Trade Facilitation Agreement (TFA) from 34% in June, 2018 to 79% in November, 2020.

Due to improvement in the implementation of TFA, Pakistan has improved 31 positions in Trading Across Border Index which tangibly contributed to rise of Pakistan (from 136th position to 108th position) in the Global Fund's Annual Ease of Doing Business 2020 Report. Implementation of WTO's TFA by Pakistan is greater than regional countries like India and Bangladesh whose implementation rate is 78.2% and 36.1% respectively. Pakistan's implementation rate is higher than those of average of all WTO members (which is at 65.5%) and the average of all developing countries (which is at 65.2%).

Trade facilitation is an effective driver for stimulating economic activity, attracting foreign direct investment, promoting exports and generating employment. In line with the direction of the Prime Minister to thoroughly facilitate the trade (involved in imports, exports, and transit) for achievement of the strategic objectives of economic and export-led growth, Pakistan Customs, Federal Board of Revenue followed an integrated plan.