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Minister vows to frame trade-boosting strategies

The Express Tribune | August 11, 2017
 The Islamic Chamber of Commerce , Industry and Agriculture (ICCIA)

Enhancing the country’s exports and achieving its trade targets is the ultimate priority of the government, remarked Federal Minister for Commerce and Textile Pervez Malik on Wednesday.

Talking to APP, he emphasised that he would frame short, medium and long-term strategies for enhancing trade with different partner-countries across the world.

Commenting on trade relations with the European Union, Malik said Pakistan had a major opportunity to gain a greater market share due to the leverage provided by the Generalised Scheme of Preferences (GSP) Plus status.

“Exports of home textile products from Pakistan to the EU increased 60% in 2016 compared to 2013,” he said in reply to a question.

The minister said Pakistan’s exports of carpets and rugs to the EU rose from 30.3 million euros in 2013 to 37.92 million euros in 2016.

Exports of cotton and other raw material for value-added textiles grew rather modestly by about 9% in 2016 compared to 2013, the minister said, noting that the reduction indicated a healthy trend of increased raw material consumption by the downstream industry and hence increased value-added exports.

“We are working on finalising free trade agreements (FTAs) with Turkey and Thailand for promoting trade ties with these countries,” he said, adding the commerce ministry would search for new potential markets in different regions of the world in an attempt to ramp up Pakistan’s exports.