Connecting local economy with potential global markets top priority: Razak Dawood

ISLAMABAD, Oct 28 (APP):Adviser to Prime Minister on Commerce, Industries and Investment Abdul Razak Dawood Monday said that the government has been giving priority to connect the local economy with major potential economies of the world for achieving the agenda of trade liberalization to enhance country’s exports.

“Our major economic agenda is to increase country’s exports, which would strengthen the economy by overcoming trade and current account deficit,” the adviser told APP in an exclusive talk.
He said that Pakistan had already signed Free Trade Agreement (FTA), Phase-II, facilitating access of 313 top export items in potential Chinese market.

After this agreement, all the major exports of the country including textile, leader, agriculture and food items and surgical and sports items have been getting better excess into Chinese market.

The adviser said that relocation of Chinese industrial units under the FTA (Second Phase) provide an opportunity to Pakistan besides helping the government to transform local industrial sector.
Replying to a question, he said that now the government was fully concentrating on integrating the local market with international potential markets.

For this purpose, the focus would be on the markets of America, Africa and Central Asian Region.
He said that FTA with Turkey, Thailand, Indonesia and Iran were also being negotiated adding that the government was committed to enhance trade relation with these countries.

The adviser said Japan, Vietnam and South Korea as well as the other Pacific and South East Asian markets would also be connected as the government would negotiate with these countries for promotion of trade.
Razak said economic stability and growth was top priority of the government for providing relief to the people.

He said that transfer of technology and automation was real change to transform the institutions for providing Ease of Doing Business to the foreign investors in the country.
Replying to a question, he said that improvement in Ease of Doing Business (EODB) ranking was encouraging as it would highlight positive image and attract foreign investment into the country.

The World Bank (WB) improved its “Ease of Doing Business” ranking 2020 for Pakistan by 28 points, placing the country among top ten countries that had made reforms and improved their business environment at fast pace.

The adviser said the World Bank had improved Pakistan’s ranking in ease of doing business from previous 136 to 108 out of total 190 big and small economies of the world.

Razak said the WB’s report highlighted that the country was consistently bridging the gap between its regulatory environment and global good practices.

The adviser said that Pakistan’s EODB score improved in seven indicators including starting a business, dealing with construction permits, getting electricity, registering property, protecting minority investors, paying taxes and trading across borders.

He said the improvement in EODB report 2020 was an unprecedented positive jump in the country’s business environment, which he said would enhance the overall image of the country at world level and help promote investment in the country.

The adviser said that recent improvement of country’s ranking in Ease of Doing Business by the World Bank (EODB) would pave way to create a conducive business environment to attract more foreign investment.

After this achievement of higher ranking, Pakistan’s economy would be more integrated to the global economy and this linkage would bring foreign investment to the country.
The adviser said that under the visionary leadership Prime Minster Imran Khan, the economic team proved its worth through the improvement in WB, EODB ranking of Pakistan.

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