Daily Times

EU’s much-talked-about rollover of Pakistan’s GSP-Plus status instantly shot to fame last year as the caretaker government believed to finally have the structural roadmap sorted for increased exports.

The writing on the wall, however, refuses to buy the enthusiasm. The first eight months of the current fiscal year saw the exports go down by almost seven per cent, which translated to a loss of over five billion dollars.

Such a small shift in the account might not be a cause to lose sleep for a well-functioning economy but in the case of Pakistan where every penny counts and export revenue remains the weakest link in the chain, losing even the smallest of earnings should rattle the administration out of its complacency. Experts have repeatedly called for the need to move beyond the simplistic notion of protecting existing markets so that Pakistani producers can start to target a wider audience.

Why is it that government after government comes to power with lofty pledges to establish a presence across the globe but silence becomes the official mantra the minute they get down to business? It is high time that the commerce ministry carved out a lasting line of action to secure as many buyers in as many countries.

Trade plays a pivotal role in the economic development of nations, fostering growth, creating employment opportunities, and enhancing the overall standard of living. Even if successful initiatives in building trade linkages are somehow established, there’s a lot in the infrastructure that screams inadequacy to support the scale and efficiency required for effective trade linkages.

The country faces issues such as poor transportation networks, congested ports, and inadequate power supply, which not only increase the cost of doing business but also lead to delays in the movement of goods; affecting trade competitiveness. Only if Pakistan unlocks its true potential as a key player in the global trade arena, it can hold out hope for its survival, which currently hangs in the balance. Without adequate reserves, we will always be at the mercy of international lenders. *