Commerce and Textile Ministries are being restructured to implement a proactive and aggressive strategy of seeking access to the major international markets after the imposition of World Trade Organisation (WTO) regime from January 1, 2005.
Official sources told Business Recorder that five separate desks of foreign trade (FT), each headed by a Joint Secretary in the Commerce Ministry, are being bifurcated in such a manner that exports of textile products, cloth, raw cotton and related issues would be exclusively looked after by Textile Ministry, while other exports and imports matters would be the responsibility of Commerce Ministry.
Sources said that with the globalisation of economy, level playing WTO regime, end of quotas and preferential treatment, there are now greater opportunities for quantum jump of Pakistan's textile exports in the USA and European markets though there would also be intense competition and daunting challenges.
They said that Pakistan produces 10 percent of the world's raw cotton annually yet its share in the world textile trade is only 2.2 percent which leaves much to be desired.
The world's annual textile and clothing trade is more than $ 365 billion, whereas Pakistan's textile exports during 2003-04 were nearly $ 8.2 billion.
Sources said "if we match our textile trade with our cotton production, our exports can easily go up to $ 32 billion which will solve all our economic and social problems".
They expressed satisfaction that Pakistan's textile industrialists and manufacturers made timely investments in balancing, modernising and renovation (BMR) of their industrial, processing, and manufacturing units which have enabled them to compete with their other Asian competitors in production and marketing of their quality, value-addition, standardisation and pricing of their products.
They were hopeful that Pakistan would be fourth after China India and Korea and ahead of Hong Kong. Turkey, Bangladesh, Thailand, Japan and Indonesia in the international textile market.
They said that countries like Bangladesh, Malaysia, Turkey, Thailand, Sri Lanka and some African countries would be affected by the end of preferential treatment and quota system by the United States and the European Union countries which import almost 50 percent of all textile products, clothing and house furnishing products as they were main beneficiaries of the quota and preferential system.
Sources said that it is good luck of the trading and industrialist community that President Pervez Musharraf and Prime Minister Shaukat Aziz are taking personal interest in seeking access to new markets for Pakistan's exporters. The current visit of President Musharraf to three major Latin American countries was primarily meant to expand bilateral trade and economic ties while coming back home, he will meet British and French leaders to discuss economic and trade issues. Commerce Minister Humayun Akhtar and some prominent members of the trading community are accompanying the President.
Prime Minister Shaukat Aziz is going to China next month and economic matters are on top of the agenda for talks between the Pakistani and Chinese leaders.
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