Commerce ministry focuses on modernizing trade mechanism

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ISLAMABAD, Jul 15 (APP): Ministry of commerce is focusing on
modernizing the trade mechanism to facilitate international and
domestic trade and enhance export.
“We are working to search new trade avenues and markets in
different regions of the world to get access to these markets for
promotion of country’s trade,” Senior official of ministry of
commerce told APP here.
New tarde policy mainly targeted the international and
internal trade for improving supply chain, enhancing use of
technology and providing competitiveness.
The government is committed in providing direction and
diversification to internal trade for enhancing supply chains to
enhance country’s exports.
He added that Free Trade Agreements (FTAs) with
Turkey, Thailand and Iran were under negotiation phase and agreement
would be finalized in coming months.
The official said that priority of the government would be to
initiate the FTAs on same pattern with the Latin American Countries
for promotion of free trade with the regional countries.
The South American markets had great potential which needed
to be exploited and by taking timely measures he said, adding that
Pakistan could get benefit from this untapped potential.
Argentina, Brazil, Colombia and Cuba have huge import
potential for promoting trade from Pakistan.
He said that the Strategic Trade Policy Framework (STPF)
envisaged diversification of export markets through adoption of an
outreach strategy for Africa, Commonwealth of Independent States
(CIS) and Latin America.
The STPF 2015-18 aims to achieve annual exports to US$ 35
Billion besides improving export competitiveness and making
transition from `factor-driven’ economy to `efficiency-driven’ and
`innovation-driven’ economy.
He said that in seventh round of negotiations on Free Trade
Agreement (FTA) between Pakistan and Turkey, both sides had discussed
the specific sectors including textile sector during the
negotiation.
Pakistan and Turkey’s Free Trade Agreement (FTA) will be
signed on August 14, for enhancing the bilateral trade between two
countries.
He said the country’s major exports to Turkey were denim PET,
ethanol, cotton yarn, fabric and rice, garments,leather, carpets,
surgical instruments,sports good, chemicals.