KARACHI: There is dire need of formation of new trade specific export promotion agencies having independent budgets and policies, industrial prime export-oriented and agriculture sector people were of the view.
Quick gyrate and radical economic reforms through a long-term administration can increase existing export base and demand-led production of agricultural products, especially high value textile, leather, surgical and marble sector products.
The current export portfolio is marred by a lack of diversification, as few products are exported by some exporters to limited markets.
There is required major enhancement in exports with huge and wide structural reforms.
The government should take business community on board, who are the real stakeholders, in preparing policies to enhance exports so that fast widening trade deficit could be reduced, which is prerequisite for economic growth.
Pakistan has an untapped export potential of $13 billion, as there is potential in home textile, apparels, leather, surgical, marble, argi-based and cereals sectors to double exports within couple of years.
Devising a comprehensive strategy to promote industry on commercial basis will not only support manufactures but also increase country’ exports.
The government should offer special package of power and gas tariffs for rapid industrial growth on the pattern of China.
As a result of high tariffs and taxation, cost of production is increasing and cannot compete in global market.
Moreover, it is essential to have an agricultural policy that increases the supply of raw material to agro-based industries, both domestic and foreign, such that it can help domestic textile producers regain lost competitiveness in the world market.
The Ministry of Commerce should explore potential international markets to enhance exports. It should work to search new trade avenues and markets in different world regions, as new trade policy was focused on improving supply chain, enhancing use of technology and providing competitiveness in a bid to enhance volume of international and internal trade.
Around more than 4 percent of exported horticulture of country fetch 41 percent lower prices as compared to world average price due to below the level packaging and in time delivery.
Business leaders have demanded immediate implementation of the action plan to curb menace of terrorism.
Bringing out positive outcome from Strategic Trade Policy Framework 2015-18 has not been up to the target.
Representatives of Pakistan Tanners Association, Pakistan Apparel Forum, Pakistan Yarn Merchants Association, All Pakistan Marble Mining, Processing, Industry and Exporters Association, Surgical Instruments Manufacturing Association Pakistan, All Pakistan Business Forum, sport goods and carpet sectors were of the opinion that concerned ministries with full commitment would be remain a central point controlling decline in export in short term, transforming the export sector structurally in long-term.
Agha Saiddain of PTA, Ghulam Rabbani of PYMA, Sanaullah Khan of APMMPIEA, Ibrahim Qureshi of APBF, Rana Abdul Sattar from cotton sector, Shakeel Ahmad of Sindh Agriculture Forum and others were of view the structural change and business deep rooted policies would bring drastic changes in current face of exports.
The finance and economic policies managers in the government should have a clear vision on the economic issues, which would help resolve economic and export problems of both-government and export industry, Agha Saiddain opined.
He observed that the wrong structural policies and various factors of government remained a primary reason that country has seen a drastic drop in exports.
The agriculture sector, which has been sharing 21 percent in country’s Gross Domestic Products should
be treated as industry to help prompt economic growth, Shakeel Ahmad and Rana Abdul Sattar were of the view.
The value addition of several horticulture and agriculture products could help country earn huge foreign exchange, however adequate funds and management of products were required to promote agriculture sector, but all depends on will of doers on government level.
Published in Daily Times, August 20th 2017.