Professor Dr Abu Zar Wajidi, Dean Faculty of Management and Administrative Sciences has stressed that being an agricultural country and policy makers should promote agricultural policies in order to minimise trade deficit.
This he said while addressing a seminar on 'Changing Paradigm in Finance and Emerging Trend in Global Trade, which was organised Karachi University Business School at Conference Hall on Thursday. He said that the government should put ban on import of food related commodities to promote national products which would be helpful for the development of industrial sector and also be helpful for the eradication of unemployment from the country.
He suggested that the international policy makers need to develop a balance between open markets and complementary domestic policies. He insisted that reforms in global trade could help alleviate poverty, which is one of the biggest challenges the world community faces today.
He said that the present change in paradigm of finance is that consumer lending has taken place in many developed countries. In the US and Europe, lending money to people even over and above their incomes has led to current financial crisis, he said.
He said that with cheap labour and agro-based Pakistan can improve the services sector through proper training of personnel. Professor Dr Abdur Rehman, Chairman Karachi Business School, has said that China is a role model for countries suffering from these ongoing economic crises that instead of global economic crises, Chine has not hit due to its economic friendly policies.