Daily Times

ISLAMABAD: Planning, Development and Reform Minister Ahsan Iqbal has urged the World Trade Organisation (WTO) to support Pakistan in capacity building of small and medium enterprises (SME) sector and trade facilitation for China Pakistan Economic Corridor (CPEC).

WTO Director General Roberto Azvedo called on Ahsan Iqbal on Monday. Federal Minister Commerce Khurram Dastagir Khan also attended the meeting.

While talking to the WTO DG, the minister said, “Pakistan eyes $150 billion exports by 2025 under Vision-2025, which requires a paradigm shift in nature and composition of exports by adding value and introducing innovation in existing export regime.”

Iqbal said that the present government’s vision is to achieve sustainable economic growth by having major thrust on export sector, which is facing crisis due to myopic policies of the past.

He said that WTO’s support could be instrumental to realise the vision of high export growth. He pointed out that the government is working on various initiatives to align the local trade and commerce sector with the international financial models to achieve higher exports.

Ahsan Iqbal said that economic policies of the government have turned national economy into vibrant and resilient economy in last two and half years after many economic indicators showed significant improvement. He hoped the growth rate to touch 5 % by end of this financial year.

He said that power shortage issue has been tackled on priority basis by the present government, adding that growth rate could witness a high jump once the energy shortage would be resolved by 2018.

The minister said the government is simultaneously working on major initiatives on economic integration and regional connectivity to turn Pakistan into a major trade and manufacturing hub in the region. He mentioned CPEC, TAPI and KASA 1,000MW as major projects for economic integration and regional connectivity, which would enormously benefit Pakistan and region.

The minister and WTO DG also discussed to explore avenues of cooperation between Pakistan and WTO. Iqbal said that Pakistan wants to work in close collaboration with WTO and emphasised that the organisation should focus on knowledge sharing with the developing nations to bring improvement in their trade sectors. He sought linkages between Pakistan Institute of Development Economics (PIDE) and WTO Institute for knowledge sharing purposes. He also sought the support of WTO for Pakistan to realise its vision to keep moving on path of development and growth.