News
Tuesday, November 20, 2012
PM opens D8 trade exhibition* Raja says Pakistan keen to expand business and trade ties with member countries
* Country to play its due role for achievement of D8 objectives
ISLAMABAD: Prime Minister Raja Pervez Ashraf on Monday urged the Developing Eight (D8) countries to establish enduring trade partnerships for the prosperity of their peoples.
The PM was speaking at the inaugural ceremony of a four-day trade exhibition being held on the margins of the D8 Summit, at Pak-China Friendship Centre.
All D8 countries including Turkey, Iran, Bangladesh, Nigeria, Malaysia, Indonesia, Egypt and the host country Pakistan have put their products on display at their designated pavilions.
Addressing the representatives of the participating countries, the prime minister said D8 countries had a huge market of close to a billion people and stressed that intra-trade was the surest way to improve their economic indicators.
“Promotion of business-to-business linkages among the member countries lies at the core of D8’s strategy to promote economic welfare of our peoples,” he said.
The PM hoped that with consistency, the D8 countries could achieve the intra-D8 trade target of $500 billion by 2018, and may even surpass it.
He sought an early removal of non-tariff barriers to benefit from the full potential of intra D8 trade. He also proposed promotion of trade in services which would immensely benefit D8 countries.
Raja said Pakistan was keen to expand business and trade relations with the D8 member countries. He mentioned that Pakistan had ratified all three key agreements including the one on Preferential Trade and was convinced that implementation of tariff concessions under this agreement would lead the D8 community towards greater economic integration.
He said Pakistan on the eve of the D8 Summit, had also taken the initiative of hosting the first-ever meeting of the heads of Trade Promotion Organizations (TPOs).
He said the initiative was intended to institutionalize trade relations among D8 members and added that TPOs could play a critical role in catalyzing the private sector and identifying avenues of cooperation in trade promotion.
The PM expressed satisfaction over the 15-year journey of the D8 governments that had taken many practical steps to facilitate promotion of trade.
He mentioned in this regard important framework agreements such as Preferential Trade Agreement, Agreement on Visa facilitation and Cooperation on Customs matters. He said efforts are underway to promote institutional linkages among the business community. The premier said Pakistan believed that access to markets should be based on equitable principles and had always raised voice for promoting unhindered market access. “Free trade is the best guarantor of sustainable economic growth. The democratic government of Pakistan believes in the theme of ‘Trade, not Aid’,” he said. He said there existed a substantial scope for cooperation in developing the skill needs of industrial sector in D8 countries. He mentioned the robust fundamentals of Pakistan’s economy, the buoyant stock exchanges, innovative youth and the record exports registered last year and said, “It is our wish to combine our strengths with those of our D8 partners for a win-win situation.”
The PM said his government had taken concrete steps in trade policy to enable the private sector to play a key role in developing export sector and building a sound macro-economic framework.
He said promoting regional trade was an important objective of Pakistan’s trade policy. He said by engaging with regional partners, the country aimed to increase exports in the region from 17 to 25 percent and conclude Free Trade Agreements with several countries. He said Pakistan would continue to play its due role for the achievement of D8 objectives. The prime minister expressed confidence that the meeting of TPOs would come up with concrete and practical recommendations to expand trade relations. He hoped that brainstorming of the Interactive Trade Seminar being organized on the sidelines of the exhibition would also yield practical suggestions on how to accelerate trade. Commerce Minister Amin Fahim welcomed the delegates of D8 states and said the Trade Exhibition was a great opportunity for long-lasting business linkages. He said such interaction would boost trade and assure improved marketing momentum in the D8 countries.
The PM accompanied by Foreign Minister Hina Rabbani Khar, Commerce Minister Amin Fahim and Minister of State for Foreign Affairs Malik Ammad Khan later went around the exhibition and visited stalls of the participating countries. Over 100 stalls have been set up by different companies from abroad while around 40 Pakistani companies have also put their products on display. app
Courtesy www.dailytimes.com.pk