Innovation, Diversification Key To Promote Country's Trade: Speakers

Innovation, diversification key to promote country's trade: Speakers

The speakers at a daylong trade conference Wednesday underlined the need for adopting innovative methods and diversifying trade products to compete the international market

ISLAMABAD, (UrduPoint / Pakistan Point News - 17th Apr, 2019 ) :The speakers at a daylong trade conference Wednesday underlined the need for adopting innovative methods and diversifying trade products to compete the international market.

Pakistan direly needed to develop its capital market and promote free trade with world and consequently this would lead to sustainable economic growth, they said while speaking at 2nd National Open Trade Conference titled "Achieving Prosperity Through Open Trade Policies" organized by Policy Research Institute of market Economy (PRIME).

Speaking on the occasion, former minister for commerce and textiles, Eng. Khurram Dastgir Khan lauded PRIME for organizing the conference.

He said that trade conference was a timely initiative of the institute, particularly at a time when the country was facing different challenges on economic front.

"We need to realize the importance of free and role of innovations in promoting country's exports." he said.

On the occasion, Chief Executives Officer (CEO) Institute for Democracy and Economic Affairs, Malaysia Ali Salman stated that good trade policy not only attracts investment but also promotes industrial development.

He briefed the audience about Malaysia's Trade Policy's, the Primary objective of which was to increase the volume of trade and enhance its contribution to Gross Domestic Product (GDP).

He further said, no country in the world had ever ruined by opening its trade.

"We need to maintain an open trade regime for our own industrial development," he added. Concluding the conference, Chairman ,PRIME Institute ,Dr Manzoor Ahmad urged the need for devising fresh trade policies instead of repeating the old once.

"We should aim at increasing participation in the global value chains, and remove impediments in this way" he said.

On the occasion, Joint Executive Director of PRIME, Zia Banday Director, Pakistan Institute of Development Economics (PIDE) Dr. Ghulam Samad also spoke on the occasion and said that there was need to learn from the experiences of China to develop trade and economy.

They said that Pakistan need to work on macroeconomic corridor for industrial growth, Special Economic Zones (SEZs) framework, economic development framework, and Industrial development also encouraged on the lines of China Pakistan Economic Corridor (CPEC).

President, Women Chamber of Commerce and Industry, South, Shaiyanne Malik, emphasized that instead of trading in finished goods, 70% of international trade was through global value chains (GVCs).

"We can see many examples such as the ASEAN countries, China, and more recently Vietnam in our own region" she said.

These countries opened their economies and integrated with others in the region as well as rest of the world, Shaiyanne said.

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