ISLAMABAD:The Ministry of Commerce on Wednesday said that the policy of trade diversification and non-traditional market access was a major priority to increase exports.
While talking to reporter here, a senior official of the Ministry of Commerce said that under the trade diversification policy, work would be done on both the market and product diversification sides.
He said that non-traditional markets including North America and the Pacific have a special importance that needs more work.
He informed that Pakistan had obtained observer status in the Pacific Alliance.
Responding to a question, the senior official said that efforts were afoot to connect the local market with the Trade and Investment Framework Agreement (TIFA) trade alliance.
He said that talks were underway with the regional trading bloc of Chile, Peru, Mexico and some other countries for the trade alliance.
He stressed that regional trade was very crucial for increasing a country’s trade. Pakistan was continuously negotiating with Central Asian countries for economic and trade integration, during which several agreements have been signed with Uzbekistan, Kazakhstan and Tajikistan, he informed.
The official said that apart from a mutual transit trade agreement, Uzbekistan had signed a mutual Preferential Trade Agreement (PTA) with Pakistan.
A transit trade agreement had also been signed between Pakistan and Kazakhstan recently, he added.
Similarly, mutual trade agreements and negotiations were taking place in Pakistan and Tajikistan, he highlighted.
Moreover, he shared that talks with Iran and Afghanistan were in progress to increase mutual trade including barter trade.
The work on the border trade markets between Pakistan and Iran was progressing, he said, adding that the role of the Quetta Chamber of Commerce and Industry was “very important” in that regard.
Replying to another query, the senior official said that 15 items had been identified for increasing trade with Afghanistan, including agricultural and pharmaceutical products.
He further said that after Brexit, negotiations were taking place with the United Kingdom to increase trade, and assured better results would come out soon.
He said that market and product excess was very important to double the volume of trade in both countries.
To a query regarding trade with Türkiye, he said that a trade and goods agreement had been reached with Türkiye, which will enhance mutual trade.
He said that negotiations were continuing with the Association of South East Asian Nations (ASEAN) countries, including Indonesia, Malaysia, Vietnam and Thailand in the trade and economic sector.