Exports hostage to economic problems, liquidity crunch: Prime Minister briefed on Commerce Ministry woes

Commerce Ministry on Wednesday apprised Prime Minister Yousaf Raza Gilani that Pakistan's exports were hostage to the economic problems, international image, liquidity crunch, and international recession, official sources told Business Recorder.
The Prime Minister visited Commerce Ministry as part of his agenda to get detailed briefing from all ministries' officials on their functions and bottlenecks. Sources said that Commerce Ministry complained about related ministries for not extending any co-operation critical for exports growth.
According to an official statement, taking notice of the hindrances in the way of achieving higher targets of exports, the Prime Minister directed all concerned ministries to adopt a coherent approach towards this end and supplement Commerce Ministry efforts to fulfil the objectives of its trade policy which aim at alleviating poverty and generating employment opportunities.
"Challenges at national level would be met through the Trade Policy instruments and with support of other ministries, while international challenges are proposed to be met through market access initiatives," sources quoted Commerce Ministry as having briefed the Prime Minister.
The Prime Minister directed Commerce Ministry to adopt a proactive approach for reducing trade deficit through enhanced exports by exploring new markets as well as for ensuring increased penetration in the existing ones for Pakistan's products as "this is imperative for the progress" of the country.
He was of the view that exports could be enhanced through exploiting latest tools of export marketing, better commercial intelligence, proactive trade diplomacy and diversification of export products and markets with particular focus on agricultural products and SMEs, encouraging exporters to improve quality, catering to consumer preferences besides complying with international standards.
The Prime Minister said that Pakistan's geo-strategic location at the confluence of three vital regions of the world - South Asia, Central Asia and West Asia - presents challenges as well as opportunities, and underscored the need for a comprehensive approach for leveraging its position.
Briefing on the working of the Ministry and its attached departments, Commerce Minister Amin Fahim assured the Prime Minister that his ministry "is fully geared" to achieve the targets set for the current year's exports. Commerce Secretary in his presentation briefed the Prime Minister that in view of the evolving global challenges, the ministry has undertaken various initiatives which would contribute to the national economy through trade liberalisation and facilitation, improving competitiveness and reducing cost of doing business.
Sources said that after discussions on different confronting issues, the meeting decided that FTAs in the pipeline should be actively pursued, besides establishing of Reconstruction Opportunity Zones (ROZs). According to sources, it has also been decided that a meeting of trade officers deputed in other countries should be supported to renew efforts to promote Pakistan's products abroad.