KARACHI: United Business Group (UBG) has suggested that Ministry of commerce (MoC) should interact with the trade bodies/private sector for PTAs and FTAs, complexity being faced in transit trade, increasing export of pharmaceuticals, IT, rice, engineering items and halal food products/food processing / certification and exploration of non-traditional items and markets.
It is further suggested by UBG that Economic Coordination Committee should finalize strategic trade policy framework 2021-25, domestic commerce policy, IT policy and implement the e-commerce policy, national tariff policy, export / import policy order, geographical indications act which have already been approved by the cabinet.
UBG is of the opinion that SME and cottage sectors need to be encouraged in terms of availability of easy loans and low utilities tariff which will yield economic activities.
UBG president Zubair Tufail said UBG has decided to further intensify its interaction with all trade bodies across Pakistan so that economic activities could be generated through combined efforts and movement.
UBG emphasizes on trade bodies to gear up for playing vital role in post economic scenario of Covid-19 pandemic likely to bring numerous challenges which need to be met with resilience.
The year 2020 witnessed the drastic fall in exports due to Covid but the situation has bit improved in 2021 and our export stands $2 billion per month. While reviewing comparative exports, country's export is stagnant for the last many years and is lagging behind in the region. Pakistan is lagging behind Bangladesh and Vietnam whose annual export earning is $ 50 billion and $ 100 billion respectively. There is a need to explore non-traditional items and markets particularly the African and South American region
UBG considers that fairs and exhibitions are modern tool for promotion of exports. All trade bodies are requested to plan their annual program of participation in trade fairs and exhibitions as well as visit of their trade delegations to various countries. In this connection they may interact with Pakistan commercial counsellors abroad. Final program of participation in trade fairs and trade delegation may be duly submitted to TDAP with feasibility so that trade bodies could claim subsidy on account of their both programs.
Copyright Business Recorder, 2021