KARACHI: Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), emphasized the importance of tapping into the export markets of the D-8 countries in order to boost exports and correct Pakistan’s regional trade deficit.
President FPCCI shared his views while representing Pakistan at the all-important General Assembly meeting of the D-8 Chambers of Commerce and Industry (D-8 CCI), which was also attended by Iran, Turkey, Egypt, Indonesia, Bangladesh, and Nigeria, according to a statement received here on Friday.
Atif Ikram Sheikh voiced his belief that Pakistan should tap into the export markets of the D-8 countries, which have a combined GDP of $4.92 billion, since doing so has the ability to reduce Pakistan’s regional trade deficit for a variety of reasons.
Pakistan has friendly ties with the D-8 members, as well as geographical contiguity or land-based access with some member countries, while land-based routes could also be used for transshipment to D-8 countries, he said, adding that shipment to these countries takes less time and costs, and that with intra-D-8 trade at only 5%, there are low-hanging fruits to be grabbed in a short period of time.
The FPCCI Chief stated that the General Assembly meeting of D-8 CCI discussed in detail the road map and strategy for intra-alliance trade promotion, the plan of activities for the next three years, the arbitration system, the D-8 Preferential Trade Agreement (D-8 PTA), visa-related issues, transportation costs, value chain economic fruits, regional connectivity, currency swap agreement, barter trade, and the D-8 Halal Exposition in Indonesia.
Atif Sheikh pointed out that the D-8 bloc accounts for more than 5% of global GDP, making the alliance vital for the D-8 countries in particular and the region as a whole.
He claimed that Pakistan could increase its exports by $5-10 billion in 2-3 years simply by dominating the D-8 market in value-added textiles, IT and ITeS services, sports items, grains, fruits and vegetables, surgical equipment, pharmaceuticals, and building materials.
The D-8 countries have a combined population of more than 1.1 billion people, and the Preferential Trade Agreement can usher in a wave of economic prosperity, investments and joint ventures, industrial collaborations, increased tourism and hospitality, the establishment of cost-controlled trade routes, and a collective voice in economic affairs at other international forums, according to the FPCCI chief.
