Pakistan’s trade share in Global market likely to surge | Pakistan Today

Pakistan’s trade share in Global market likely to surge

Pakistan’s trade share in global market is expected to increase due to economic activities under the China-Pakistan Economic Corridor, regional trade arrangements and Strategic Trade Policy Framework.

According to Radio Pakistan, the government has taken several steps relating to cost of doing business, market access and competitiveness.

Under Strategic Trade Policy Framework, a number of measures have been announced to enhance Pakistan’s export competitiveness and institutional strengthening.

A total of Rs 20 billion will be spent on development of export sector during the next three years.

Through active trade diplomacy, the government is trying to get better market access for local businesses in international markets by concluding Free Trade Agreements and Preferential Trade Agreements with various countries.

Bilateral free trade agreements with China, Sri Lanka, Malaysia, Iran, Mauritius, and Indonesia are already in place and the government is in the process of negotiating free trade agreements with Thailand and Turkey.

The Trade Development Authority of Pakistan is undertaking various export promotional activities through trade exhibitions to enhance trade.

In order to reduce cost of doing business, the government has already taken a major step of reducing electricity tariff by Rs per unit for industrial sector units.

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