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Pakistan

Plunge in global oil prices to facilitate Pakistan reduce its C/A deficit: Dawood

Oil prices tumbled by as much as a third after Saudi Arabia launched a price war with Russia. The extension in
10 Mar 2020
  • Oil prices tumbled by as much as a third after Saudi Arabia launched a price war with Russia.
  • The extension in GSP Plus to Pakistan is a ‘golden opportunity’ for Pakistani exporters, says Dawood.

The falling oil prices in the global market would benefit Pakistan in reducing its Current Account (C/A) deficit said Advisor to Prime Minister for Commerce, Industry and Investment Abdul Razak Dawood on Tuesday.

The statement comes after oil prices tumbled by as much as a third after Saudi Arabia launched a price war with Russia.

Addressing a seminar here at Islamabad, Dawood said the China Pakistan Economic Corridor (CPEC) is in the interest of the country. The advisor said that the Pakistan energy crisis was overcome with China’s help, and was of the time that it is now time to increase cooperation in the industry and agriculture sector.

The advisor said that the CPEC project would give Pakistan access to markets in China and Central Asia markets.

Talking about Pakistan’s economic indicators, Dawood highlighted that Rupee was stabilized after 18 months. Meanwhile, Pakistan’s exports have increased by 13.6 percent in February as compared to other countries in the region that has declined. Razzak said that the economy of Pakistan has stabilized.

Talking about the recent extension in GSP Plus status by the European Union (EU) is a ‘golden opportunity’ for Pakistani exporters, which shouldn’t be wasted.

Furthermore, the Chinese Ambassador to Pakistan Yao Jing in his address said that CPEC has entered into the second phase.  We are encouraging industry cooperation and joint ventures, informed the Chinese envoy.

Jing said that the second phase of CPEC also includes agricultural cooperation, furthermore, cooperation in science and technology will also be enhanced.