New Trade Policy 2022-25 Being Finalized, Senate Told

Adviser to the Prime Minister on Parliamentary Affairs Dr Babar Awan on Friday informed the Senate that the new trade policy 2022-2025 was being finalized aimed at addressing all impediments and challenges particularly due to COVID-19 pandemic that hampering country's export growth

ISLAMABAD, (UrduPoint / Pakistan Point News - 1st Oct, 2021 ) :Adviser to the Prime Minister on Parliamentary Affairs Dr Babar Awan on Friday informed the Senate that the new trade policy 2022-2025 was being finalized aimed at addressing all impediments and challenges particularly due to COVID-19 pandemic that hampering country's export growth.

Responding to various supplementary questions during Question Hour, the adviser said the government was also taking every possible step to increase the country's exports.

The country's export to the African countries registered 7 per cent increase in just one year, he said.

He said the prime minister has assigned the target of increasing our exports to Africa by 20 per cent.

Earlier, Pakistan has three missions in African countries, which now have been increased to nine for enhancing the country's exports, he added.

Dr Babar Awan said that Pakistan was exporting tractors to Sudan and Angola, three wheelers to Ethiopia and transformers and home appliances to other African countries.

To a question he said vigorous negotiations were underway with container companies to solve the problems of exporters.

He said the total population of Africa was approximately 1.

3 billion, i.e. 15% of the world's population, inhabiting 54 countries.

"Pakistan needs to develop a more sustained political efforts if it wants to stay at the front in an area of great strategic significance Pakistan's trade with Africa had been stagnant at around US $ 3 billion per year for many years," he said.

He said main reason of this low trade volume has been low level of engagement of Pakistan with Africa. Africa was huge market for exports of pharmaceuticals, surgical, engineering goods etc. Furthermore, services form an integral part of almost all African economies, he said.

He said there was a significant potential of export of IT services to Africa. Africa was also home to some of the fastest growing economies in the world like Ivory Coast, Ethiopia, Ghana, Uganda, Rwanda and Tanzania, which had recorded persistent growth rates of more than 5% in the last decade, he said.

He said in light of the above, Ministry of Commerce launched its "Look Africa Policy" initiative in 2018, to enhance focus and increase engagement with Africa, the second largest continent with a collective GDP of $2.20 trillion.