Global Rice News

The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Atif Ikram Sheikh, has highlighted the importance of exploring the export market of D-8 countries in order to enhance exports and address Pakistan’s regional trade deficit. At the General Assembly meeting of the D-8 Chambers of Commerce and Industry (D-8 CCI), which was attended by representatives from Iran, Turkiye, Egypt, Indonesia, Bangladesh, and Nigeria, Sheikh expressed his vision for Pakistan to tap into the export market of D-8 countries, which have a combined GDP of $4.92 billion. This move has the potential to significantly reduce Pakistan’s regional trade deficit.

Pakistan shares friendly ties with the D-8 members and enjoys geographical contiguity and land-based access to some of these countries. Utilizing land-based routes, Pakistan can also facilitate transshipment to the D-8 countries, making the process faster and more cost-effective. With intra D-8 trade currently standing at only 5 percent, there are considerable opportunities waiting to be tapped in a short period of time.

During the General Assembly meeting, the roadmap and strategy for promoting intra-alliance trade, 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 agreements, barter trade, and the D-8 Halal Exposition in Indonesia were discussed in detail.

Sheikh emphasized that the D-8 bloc represents more than 5 percent of the global GDP, making it a significant alliance for the D-8 countries and the entire region. He further explained that Pakistan has the potential to increase its exports by $5-10 billion within a span of 2-3 years by capturing the D-8 market in value-added textiles, IT and ITeS services, sports goods, rice, fruits and vegetables, surgical equipment, pharmaceuticals, and construction materials.

Furthermore, the Preferential Trade Agreement among the D-8 countries, with a cumulative population of over 1.1 billion, has the potential to bring about economic prosperity, increased investments and joint ventures, industrial collaborations, tourism and hospitality growth, the establishment of cost-controlled trade routes, and a collective voice in economic affairs at other international forums.

In conclusion, tapping into the export market of D-8 countries is a promising opportunity for Pakistan to enhance its trade and address its regional trade deficit. By focusing on various sectors such as textiles, IT services, sports goods, and agriculture, Pakistan can significantly boost its exports and strengthen its economy.

Source: Source