According to the report, the key objective is to diversify Pakistan’s exports, in terms of product diversification as well as geographical diversification. The report said that value-addition to exports is another objective, particularly in the textile sector and food processing. In addition, the Ministry of Commerce, through tariff rationalization and budgetary intervention is promoting “Make in Pakistan”, which aims to reduce the import bill and boost export, managing the problem of balance of trade. The government has augmented e-Commerce and digital industry’s growth to make it one of the key drivers of Pakistan’s economy.
According to the report, the government has signed different trade agreements and memorandums of understanding (MoU) for increasing multilateral trade with different trading destinations. The establishment of Pak-Uzbekistan Joint Working Group on Trade and Economic Affairs was signed on10th September, 2020 and its 1st meeting was held on 1st February, 2021 in Tashkent. The negotiations have resumed with Gulf Cooperation Council (GCC) for Trade Agreement (FTA) after 13 years, report said. The 3rd Session of the Joint Working Group on Trade between Azerbaijan and Pakistan was held on 24th December, 2020.
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