ISLAMABAD, Dec 9 (APP): French Development Agency (AFD) Chief Executive Officer Remy Rioux has appreciated the progress made by Pakistan in stabilizing economy and taking it to a higher trajectory of growth.

He made the remarks during a meeting with Finance Minister Senator Mohammad Ishaq Dar in Paris.

The finance minister said Pakistan valued the financial assistance provided by the AFD to it in important sectors, including energy, water and sanitation.

He said the Pakistan Government appreciated the AFD’s support for
its initiatives for improving the transmission efficiency and water and sanitation in Pakistan.

The AFD announced that for the year 2016, it had approved a portfolio of Euro 265 million as soft loans for the rehabilitation of Mangla Hydropower Plant, augmenting NTDC transmission capacity and budget support for energy sector reforms, according to a message received here from Paris.

The AFD joined the ADB and JICA in the 5-year budget support programme initiated in 2014 for improving the management of tariff opening the market and strengthening accountability and transparency in the energy sector.

The AFD also evinced interest in working in the sectors of heritage and culture.

The agency has been operating in Pakistan since 2007 and is promoting
green and inclusive growth with special focus on renewable energy and energy efficiency projects.

Meanwhile, Open government Partnership (OGP) CEO Sanjay Pradhan called on the finance minister at the Embassy of Pakistan and congratulated Pakistan on joining the elite group of members of OGP.

He invited Pakistan to participate in the meetings of various OGP working groups and steering committees and offered help in developing Pakistan’s National Action Plan for OGP.

The finance minister said Pakistan’s decision to join OGP demonstrated the government’s commitment to transparent and accountable governance.

He reiterated the government’s pledge to work against corruption and
fiscal fraud and further high level commitments to fully achieving and sustaining the principles of OGP.

Bernard Cambier, Head of Middle East Division of Renault, the French
largest car manufacturing company also met the finance minister and reaffirmed Renault’s decision for setting up their car manufacturing facility in Pakistan by 2018.

Ishaq Dar appreciated Renault’s decision for choosing Pakistan for establishing their car facility and assured full support for its operations in Pakistan.

He also interacted with French and Pakistani media and briefed them on the outcome of his visit.

The meetings were also attended by Tariq Bajwa, Secretary Economic Affairs Division, Pakistan, Ambassador of Pakistan to France Moin ul Haque and the Embassy team.

ISLAMABAD, Dec 9 (APP): Minister for Commerce Khurran Dastgir
Khan Friday said e-commerce in Pakistan was expected to reach $1 billion by 2020.
“Our legislature is working hard to update the rules and regulations governing digital trade”, he said while inaugurating a Seminar on “Ecommerce for Development” in Geneva a message received here said.
Pakistan organized the seminar on “Commerce for Development”, it was attend by large number WTO members and ambassadors.
All heads of agencies greatly appreciated the initiative taken by Pakistan.
The friends of commerce for development was coordinated by Dr Tauqir Shah Pakistan ambassador at WTO.
The group comprises of Costa Rica, Nigeria , Kenya, Sri Lanka, Argentina, Uruguay.
Country experience from Sri Lanka, Argentina, Nigeria, Pakistan, ASEAN, were presented and debated.
Representatives of world bank, WTO Etrade for all, EBay, Alibaba, Mercado Libre, made presentations on how commerce and help businesses and trade in developing and less developed countries Pakistan leads “Commerce for development “ debate at WTO.
Pakistans efforts for making Commerce developing world friendly lauded.
Speaking on the occasion, Khurram Dastgir Khan said commerce was an inescapable fact of life, it has grown beyond our imagination.
The digital economy, he said has emerged as an unstoppable giant that was growing at 10 percent a year, more than triple the rate of overall global economic growth.
“Digital is no longer a part of the economy – it is becoming—
• the economy.Internet revolution contributes 8% of global GDP, The development of mobile broad band holds the promises to brings billions more on line, thus narrowing the digital, economic, physical and educational divide, The internet of things or internet of everything has the potential of contributing $11 Trillion to global GDP by 2025”.
The commerce minister said internet related consumption and expenditure has already surpassed the size of the global agriculture and energy sectors. But only a small proportion of this is happening in LDCs and developing countries.
He added that it was this reality which motivated our group of like-minded countries to launch, Friends of Commerce for Development.
Key motivation being to narrow the knowledge gap, that exists between members in understanding and appreciating different dimensions of Commerce, he remarked.
The Commerce Minister Khurram Dastgir Khan said todays, seminar was first major initiative of Friends of Ecommerce for Development, rather I would say it is a joint initiative of “Friends” of Friends of Ecommerce for Development.
This event has only been possible through exemplary support of WTO, UNCTAD, ITC, World Bank and all members of the group namely Costa Rica, Argentina, Sri Lanka, Nigeria and Kenya.
“We welcome on board, Uruguay our new partner.
Ladies and gentlemen, an over view of today’s agenda clearly
acknowledges two things, Ecommerce is multidimensional and multi-agency and it requires very close private public partnership, and inter agency coordination”, he remarked.
He added that the prime objective of this seminar was to debate the opportunities and challenges offered by Ecommerce for LDCs, Land Locked Countries and Small Island economies in particular, and Developing countries in general.
Khurram said that considering the complexities of e-commerce,
“we need more engaged and structured discussions in form of seminars and workshops, so that members particularly developing and LDCs get better understanding of challenges and opportunities associated with e-Commerce and identify areas of work catering for their interests. We would specially suggest more engaged interaction between experts in the technologies, and how they impact trade and trade negotiators in order to bring out and understand all the challenges associated with digital economy for developing and LDC members”.
He said that “We the Friends of Ecommerce for Development believe, that e-commerce provides an opportunity for developing country and LDC enterprises to overcome some of the logistical and geographic challenges they face in terms of access to markets.
Digital trade allows many small enterprises to participate in the global market. E-commerce and MSMES are inextricably linked”.
“Used well, e-commerce is a real development tool, an enabler”, he remarked.
The commerce minister said the vital link between trade and development was enshrined in the WTO agreements; they provide special provisions for developing countries, which comprise of almost 75% of WTO membership.
He added that the WTO has provided more and more developing countries with a seat at the table – where their voice is heard just as loud as any other, and they play a key role in managing the system, shaping its agenda, and negotiating its agreements.
The development dimension is essential for an inclusive rules-based Multilateral Trading System.
“Ultimate aims of trade policy and trade rules must be poverty reduction, growth, welfare and development that work for all members of the global economy”, he remarked.
Khurram Dastgir said that the internet, more than anything else will define the 21st century business environment, in present day and age people no more go on line, they are 24/7 online.
“By end of year—half of world’s population will be on line, in developed world 80% use internet, but only 40% in developing and less than 15% in LDCs are online”, he remarked.
Pakistan, he said was acutely aware of the high growth of e-commerce , and its potential to address development deficit. During last two years, after auction of 3G/4G spectrum, the consumers using Broad band on mobile, have increased from 3 to 37 million.
“Our broadband penetration rate is doubling every single year since 2013. The Global Findex report shows Pakistan as the leader in mobile banking transactions in South Asia, having 133 million mobile phone subscribers and 11% of them use mobile phones to carry out financial transactions. E-commerce in Pakistan is expected to reach $1 billion by 2020. Our legislature is working hard to update the rules and regulations governing digital trade”, he remarked.
Khurram Dastgir said that in a national consultation held last month in Pakistan, “our stakeholders said “we have missed the plastic phase of ecommerce revolution; we cannot afford to miss the mobile digital phase of ecommerce”. They identified efficient, frictionless and low cost payment systems and consumer trust and protection as key to Ecommerce in Pakistan”, he remarked.
Khurram said that “We are in an era where people no longer go on line; they are 24/7 on line. Destiny of our society is digital. Internet is the most important infrastructure of our time, rather it is infrastructure of infrastructures. Internet is a Global Good, and a Global Common. The challenge is how to mutually benefit from this Global Good that is Internet, and its role in Trade”.
Minister for Commerce Khurram Dastgir Khan said in “our view, Internet giants have too much influence and market share, and the ability to quash local competitors. We have to consider that global digital platforms do not abuse their dominant position. The P 5 or superpowers of 21st Century are Amazon, Google, Facebook, Ebay and Alibaba”.
He added that promoting fair competition between online and offline services was critical for developing countries.
The gains from the digital revolution, he said have not been shared widely.
“Digital technologies can be transformational by promoting inclusion, efficiency, and innovation, but if digital economy is not accessible, affordable and open, it will result in inequality, control and concentration,” he remarked.
The commerce minister said there were huge challenges facing developing and transition economies in reaping the gains from e-commerce.
These challenges, he said included poor infrastructure, inadequate logistics, low adoption rates of information and communications technology, outdated legal and regulatory frameworks, and lack of payment solutions and financing, and huge national deficit in digital skills needed for e-economy.
“The UNCTAD index clearly shows that the capacity and ability to engage successfully in e-Commerce varies significantly among countries,” he remarked.
The commerce minister said a key domestic challenge was that Ecommerce requires integral view and multi-agency and multi-stakeholder approach.
“After the Etrade for All launch, when I did a national stock take, I found no focal agency responsible for Ecommerce. We have now set up an Ecommerce Policy Unit in the Ministry of Commerce, A National Advisory Council on Ecommerce, with substantial private sector representation, and recently our Prime Minister set up a National Ecommerce Policy Board, headed by Finance Minister with Ministries of IT, Commerce, Central Bank and Federal Board of Revenue as Members”, he remarked.
He added that a key lesson was that ecommerce requires new institutional architecture and traditional institutions won’t work.
“We have with us today— heads of all the major Trade related Geneva Institutions, and look forward to an enriching discourse on Ecommerce and Development”, he remarked.
Roberto Azevedo DG WTO, Houlin Zhao Secretary General ITU, Dr Kituyi Secretary General UNCTAD, and arancha Gonzalez Executive Director of international trade center participated in the event organized by Pakistan as founding coordinator of Friends of Ecommerce for development .
Heads of leading Geneva based trade institutions also attended the seminar.