KARACHI: President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh, stressed on tapping into the export market of D-8 countries for enhancing exports and to correct Pakistan’s regional trade deficit.
President FPCCI expressed the views while representing Pakistan in the all-influential General Assembly meeting of the D-8 Chambers of Commerce and Industry (D-8 CCI) that was also attended by Iran, Turkiye, Egypt, Indonesia, Bangladesh and Nigeria, said a statement received here on Friday.
Atif Ikram Sheikh expressed his vision that Pakistan must tap into the export market of D-8 countries with a combined GDP of $4.92 billion as tapping into these markets has the potential to correct Pakistan’s regional trade deficit for a number of reasons.
Pakistan has friendly ties with the D-8 members, along with geographical contiguity or land-based access with some member countries while land-based routes could also be used for transshipment to D-8 countries, he said adding that shipment to these countries takes lesser time and costs, he said adding that with intra D-8 trade at merely 5 percent, there are low-hanging fruits to be grabbed in a short-span of time.
FPCCI Chief informed that General Assembly meeting of D-8 CCI discussed in detail road map and strategy for intra-alliance trade promotion, plan of activities for next three years, arbitration system, D-8 Preferential Trade Agreement (D-8 PTA), visa-related issues, transportation costs, value chain economic fruits, regional connectivity, currency swap agreement, barter trade and D-8 Halal Exposition in Indonesia.
Atif Sheikh noted that the D-8 bloc represents more than 5 percent of global GDP; which makes the alliance a significant one for the D-8 countries in particular and the entire region in general. He explained that Pakistan could enhance its exports by $5-10 billion within 2-3 years only by capturing the D-8 market in value-added textiles, IT and ITeS services, sports goods, rice, fruits and vegetables, surgical equipment, pharmaceuticals and construction materials.
D-8 countries have a cumulative population of more than 1.1 billion and Preferential Trade Agreement can usher a wave of economic prosperity, investments and joint ventures, industrial collaborations, tourism and hospitality boost, establishment of cost-controlled trade routes and a collective voice in economic affairs at other international forums, FPCCI chief asserted.