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ISLAMABAD, Dec 03 (APP):National University of Modern Languages successfully concluded its two-day international conference titled “Prioritizing Economic Agenda in Pakistan’s Foreign Policy towards China, the US, and the EU.”
The conference brought together leading scholars, policymakers, and researchers to deliberate on enhancing Pakistan’s economic diplomacy in an evolving global landscape.
The final session of the conference focused on prioritizing the economic agenda in Pakistan-EU relations. Prof. Dr. M. Riaz Shad, Jean Monnet Chair and Dean of the Faculty of Social Sciences, NUML, opened the session by highlighting the critical importance of upgrading economic ties with the EU. Dr. Abiha Zahra, Assistant Professor and Chairperson of the Department of Governance and Global Studies, Information Technology University, Lahore, discussed the challenges in strengthening Pakistan-EU economic relations.
Dr. Najimdeen Bakare, Professor at the Centre for International Peace and Stability, NUST, identified opportunities for advancing the economic agenda, while M. Taimur Fahad Khan, Research Associate at the Institute of Strategic Studies Islamabad (ISSI), presented key policy lessons for enhancing economic cooperation.
The session concluded with a Q&A segment, engaging participants in meaningful dialogue.
Presenting the findings and recommendations of the conference, Prof. Dr. M. Riaz Shad emphasized the following:
The rise of multiple economic powers in the world presents both challenges and opportunities for Pakistan. To stay competitive, Pakistan must closely observe and engage with emerging economies, particularly in East Asia.
Pakistan’s industrial base remains relatively small, limiting economic growth and diversification. Initiatives like CPEC and Special Economic Zones (SEZs) offer an opportunity to gradually enhance industrial capacity.
Pakistan needs to address productivity challenges in goods, services, and human resources. The growing reliance on unskilled labor is a concern, and youth must be leveraged as an economic advantage.
Pakistan’s exports lack diversification and value addition. It is crucial to diversify exports, add value, and determine comparative advantages to boost exports.
While Pakistan has emphasized its geographic location for strategic connectivity, this approach has limitations. The focus should shift toward leveraging geography for geoeconomics by fostering a strong, diversified economy based on innovation, industrial growth, and human capital.
Connectivity initiatives like CPEC must go beyond infrastructure development to attract private capital, create jobs, generate exports, and facilitate technology transfer for sustainable economic development.
The government should actively promote private sector involvement in foreign business deals and international partnerships.
Economic diplomacy should be redefined, moving beyond traditional aid and loan-based approaches to emphasize investment attraction and trade agreements.
Pakistan needs to leverage its diaspora for remittances, investments, and business relations. The diaspora, particularly in the U.S., can act as economic ambassadors. Sector-specific collaborations in IT, pharmaceuticals, energy, and tourism should also be prioritized.
Institutional reforms are necessary to address governance challenges, including bureaucratic inefficiencies, corruption, lack of transparency, and policy inconsistencies. Strengthening regulatory bodies and ensuring policy stability and predictability are critical.
Security and economic issues should be decoupled in Pakistan-U.S. relations.
Institutional frameworks focusing on non-political sectors like technology, education, climate resilience, and renewable energy can help establish an economic relationship resilient to geopolitical tensions.
Pakistan’s economy, primarily agriculture-based, must transition to include more cottage industries to add value to agricultural products and process raw materials locally.
Political stability and policy continuity are essential for fostering a stable environment conducive to long-term economic growth.
Director General NUML, Brigadier Shahzad Munir, delivered the vote of thanks, commending the organizers for addressing critical issues.
He emphasized the importance of shifting focus to geo-economics and redefining economic diplomacy while recognizing global economic dynamics. Brig. Munir urged participants to embrace knowledge sharing, foster national pride, and work collectively for Pakistan’s growth and prosperity.
The conference provided actionable insights and fostered discussions on redefining Pakistan’s foreign policy with a strong economic focus, positioning Pakistan as a competitive player in the global economy.