Federal Minister for Commerce, Jam Kamal Khan said on Tuesday that the government was working to expand Pakistan’s export base by exploring new markets and diversifying the country’s export products, a move expected to drive economic growth and reduce trade deficits.
Addressing the “Dialogue on the Economy”, organized by the Pakistan Business Council (PBC) here, the minister said that while exploring new markets, the government was focused on maximizing benefits from existing trade engagements with key partners, including the European Union, United States, Gulf Cooperation Council (GCC) countries, Malaysia , Indonesia, China Free Trade Agreement (FTA) and Africa.
“Our proactive trade diplomacy and engagements are a crucial component of this effort”, he added. The minister said the government is pursuing new trade engagements with countries with which Pakistan has not interacted before or where previous interactions were limited. He highlighted that with South Korea, Pakistan is re-establishing trade ties after a 12-year gap, with Iraq trade relations are being revived after a 22-year, and Azerbaijan recently signed Pakistan’s first Preferential Trade Agreement (PTA).
Jam Kamal said the government is focused on identifying and reaching out to previously untapped markets that offer opportunities for Pakistani products and industries, while also maximizing the benefits from markets where Pakistan already has a presence. The government is also supporting the business community to capitalize on these opportunities, he added. The government is creating opportunities for meaningful Business-to-Business (B2B) engagements, where business owners and stakeholders take ownership of trade discussions, he said and added over the past six months, the government successfully engaged with several countries, including Malaysia, Saudi Arabia, Russia, Uzbekistan and Azerbaijan.
He said, “We are now intensifying our focus on Saudi Arabia and exploring opportunities in two of Pakistan’s largest investment markets namely the United States and the European Union.” Kamal emphasized that the government is working to increase trade relations with various countries. He also said that the country’s economy is moving in a positive direction and that continuity of policies is essential for ensuring economic stability.
There are vast investment opportunities in Pakistan, and foreign investors are coming to the country, he said, adding that the government is working to provide all possible facilities to industrialists.