Trade To Play Crucial Role In Post COVID-19 Economic Recovery: Experts

ISLAMABAD, (UrduPoint / Pakistan Point News - 28th Sep, 2021 ) :The global trade experts on Tuesday said that trade could play key role in the post COVID-19 economic recovery.

Therefore, aligning policies with emerging realities is pertinently important, they said.

The global trade experts shred this viewpoint during a webinar 'Trade essential for Post Covid Economic Recovery' organized by International Trade Center Geneva, (ITC) in collaboration with Sustainable Development Policy Institute (SDPI), said a press release issued.

Secretary Exports Policy Customs, FBR, Ihsanullah Shah, was of opinion that post COVID-19 trade was facing unprecedented crises as many of the enterprises were struggling for the survival.

He said that the government had taken a number of steps to pull the exporters out of this grim situation including a blanket exemption and enhancing the rebate rates on almost 300 items including surgical goods, sports related goods, textile related goods etc.

Senior Policy Adviser Trade Facilitation, ITC, Geneva,Dr Muhammad Saeed explained that COVID-19, which was a public health crisis led to disruption on the supply and demand side resulting in economic crisis of unprecedented magnitude.

Thus, trade policy is part of the solution, and it has emerged that trade facilitation is important whether it is access to the vaccine or PPE or access to production process related to imports and exports.

He opined that the mindset needed to be changed pertaining policy consideration and regulatory compliance for the exporter and importers.

National Coordinator of ITC-ReMIT, Dr Tauqir Shah, suggested that the key to role in post COVID-19 recovery had to be played by digitally enabled SMEs.

Therefore, the trade support institutions had to hand hold SMEs, especially women owned SMEs in order to become digitally enabled, he added.

Assistant Professor, Department of Economics, IBA Karachi, Dr Aadil Nakhoda was of view that the biggest challenge was the disruption to global value chain.

He said that the trade cost had increased both for the importer and exporters and this had immense implications for trade.

Gender and Trade Expert, Roubina Toufiq, on the occasion highlighted the importance of information sharing and government support for women owned enterprises.

Trade Facilitation expert, ITC, Geneva, Edwin Gaarder, while sharing his expert opinion said that COVID-19 pandemic had led us to a massive crisis in terms of economic perspective.

He said that MSMEs were hardest hit as they were less prepared in the time of crisis. He added further that the trade support institution had an important role to transit towards new normal.

He suggested that Pakistan had to think on positioning itself in this model of globalization. Besides, more focus has to be paid on the green recovery.