Lahore, August 31, 2018 (PPI-OT): The Lahore Chamber of Commerce and Industry has underlined the need for “Economic Diplomacy” to cement Pakistan’s trade and economic ties with the outer world. The LCCI President Malik Tahir Javaid said that Pakistan cannot remain in isolation in the present economic arena where all countries are working hard to contribute heavily and to get maximum share in the international trade. He said that China, United States, Germany, Japan, South Korea, France, Italy, Hong Kong, UK and Canada are the top ten exporters while Pakistan is far behind despite having one of the best geographical locations, ideal coastline, ports and all kinds of resources.
He said that Economic Diplomacy should be a high priority for the government. He said that Economic Diplomacy is defined as the decision-making, policy making and advocating of a state’s business interests. He said that agenda of economic diplomacy should be very comprehensive and includes, amongst other issues pertaining to foreign trade and import-export relations, promoting of national economic interests in other country, informing and updating potential foreign investors on investment opportunities, negotiating economic and trade agreements on economic and trade cooperation. As well as co-operating with a view to eliminating problematic divergences and harmonizing standards in various (economic, social, environmental, educational etc.) sectors.
Malik Tahir Javaid said that Bilateral Economic Diplomacy plays a major role in economic relations between the countries. It includes bilateral agreements on trade, investment, employment, taxation, as well as a wide range of formal and informal economic issues between two countries. He further stated that bilateral Free Trade Agreements have been the order of the day and are being implemented by many countries around the world therefore Pakistan needs to do same. He said economic diplomacy also works at regional cooperation level. The removal of barriers and opening of markets become easier within a regional framework.
The LCCI Chief said that the role of Pakistan’s embassies abroad is essential. Their mission should be to negotiate between governments. He said that Pakistani embassies should also play a much more active role in promoting investment, exports and general businesses. He also urged the private sector to establish close contacts in Central Asian States, Africa and South America to enhance exports while government should support export-oriented industries. He said that at a time when regional countries are taking big strides towards economic prosperity and gaining the status of global economic players, decline in the exports of Pakistan is a matter of concern and needed to be resolved within the shortest possible time.
The LCCI President said that dependence on limited products and a few countries for exports is one of the major reasons of sluggish and discouraging exports. He said that Pakistan’s main export partners are United States, China, United Arab Emirates and Saudi Arabia. He said that our reliance for exports on a few countries is unremarkably high which has forced our exports to remain limited.
He said that Argentina, Brazil, Peru, Venezuela and Chile do not require introduction in Pakistan if discussed under the subjects of trade, geography, culture and ethnicity etc. But in economic scenario, they carry a very inadequate eminence among us. He said that a very few Pakistanis know that the unblemished and strong economies of South America yearn for the attention of Pakistani investors to do business we cannot avail this unique opportunity.
The LCCI Senior Vice President Khawaja Khawar Rashid and Vice President Zeeshan Khalil said that government and private sector should recognize the importance of these regions and should gear up efforts to strengthen trade and economic ties with these countries. They said that bilateral discussions should be held between the diplomats and private sectors of these countries.
They said that the trade relations with South America although already have been initiated but these must have to touch the core of available opportunities, which are still overlooked or minimally exercised. They said that Pakistan have to focus other than the traditional partners to gain more economic benefits and to give boost to the national exports. They said that the upcoming global economic shift would be more advantageous for us if Pakistan extends its economic associations towards South America that is not a traditional trade destination for Pakistan merchandise.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan