Importance of International trade underlined: major trading nations become prosperous and control world economy, says Prime Minister

Prime Minister Syed Yusuf Raza Gillani inaugurating the state of the art Lahore Expo Centre here on Saturday said that the facility was first of its kind in the fertile region of Punjab and was a great manifestation of the co-operative spirit of the federal and provincial governments.
He opined there were no two opinions about the significance of international trade in the development of national economies adding its achieved benefits had been the major drivers of growth during the last half of the 20th century. He pointed out that major trading nations had become prosperous and had the power to control the world economy. PM stated global trade could become one of the major contributors to the reduction of poverty.
Realising these factors, their government, in addition to resolving long outstanding political and constitutional issues such as NFC Award and constitutional amendment, had taken many steps toward promotion of trade.
The Prime Minister stated that in line with the spirit to serve the common man, their aim was to bring about a positive strategic change in the export sector of Pakistan adding they also wished to expand their support and encouragement to the private sector and ensure the availability of enabling infrastructure, which could put the economy on a path of sustained growth and development. He said it was for the first time in the history that a Strategic Trade Policy Framework for three years (2009-12) was in place to ensure continuity and certainty of policies which in turn would lead to the revival of domestic commerce and international trade in Pakistan.
Gilani further said the fundamental principles of the Strategic Trade Policy Framework including growth with equity, greater opportunities for employment and poverty eradication were part of their manifesto. Speaking about giving relief to common man he averred it was their aim to give jobs and services to him.
The PM said a paradigm shift was being emphasised to enable their entrepreneurs to become internationally competitive and export high value added products in the world markets adding that in new trade environment, more than 60 percent of the global trade was being channelised through bilateral and regional trading agreements. He said in this process, developing economies were being marginalised.
The Prime Minister dilated, it was estimated that roughly 300 such trading arrangements presently existed pointing even the industrialised countries had taken recourse to regionalism and bilateralism in a bid to keep their markets intact. He said the European Union (EU) and North American Free Trade Area (NAFTA) were the glaring examples of such arrangements.
He stated in this backdrop, it was essential for Pakistan to align itself with other developing economies by establishing bilateral and regional trading agreements in order to maintain its international trade at the present level and to give it a boost so that it could attain its due market share by securing a higher percentage of the total global trade.
The PM said that present FTAs were not confined solely to liberalisation and deregulation measures. They were comprehensive and include investment, trade facilitation, intellectual property rights, economic co-operation in information and communications, science and technology, education and training, research and development, financial co-operation and SME development.
He said not oblivious of this fact their government took initiative to finalise bilateral and regional trade agreements with China, Sri Lanka, Malaysia, Mauritius and Iran. Some other such important arrangements like Economic Co-operation Organisation Trade Area (ECOTA) and FTA with EU were also in pipeline, he added.
He said trade not aid was their slogan disclosing the negotiations with US authorities were under way to have better market access through reduction in tariff and non-tariff barriers and establishment of Reconstruction Opportunity Zones in the Khyber Pukhtun Khwa province. The products manufactured in these zones would have zero duty in USA. It would also bring economic opportunities to this region that would compensate them for their sacrifices in the war against terror, he added.
Gilani talking of electricity shortages stated that they were aware of the hardships being faced by the industry. In spite of a good international demand of products, the manufacturers were facing difficulties to honour their export commitments, he added. Redressing the power shortage issue, the PM said they had devised a power saving strategy with the consensus of all the stakeholders.
The power so saved would be diverted to the industry for the maximum possible time, he pointed. Regarding importance Expo Centres of international standards he said they were an absolute necessity, for a country to showcase its products and services in a systematic and organised manner. These also play an important part in generating economic activity that has national and international dimensions, he added.