Key Takeaways:
- Pakistan’s Ministry of Commerce plans to establish new trade missions in Syria, Oman, Mozambique, Tanzania, Singapore, and Urumqi.
- Current trade missions are operational in Tajikistan, Kazakhstan, Vietnam, and Kyrgyzstan.
- The $12 billion “Look Africa” initiative from 2017 will be reviewed.
- A barter trade framework has been set up with Iran and Russia, with discussions ongoing.
- Discussions with China on exporting donkey meat and hides are underway.
In a Senate panel meeting on Wednesday, the Ministry of Commerce announced plans to establish new trade missions in several countries to explore and expand trade opportunities. The briefing to the Senate Standing Committee on Commerce revealed that new missions are set to open in Syria, Oman, Mozambique, and Tanzania. Further considerations are being made for establishing trade missions in Singapore and Urumqi. Currently, Pakistan has trade missions in Tajikistan, Kazakhstan, Vietnam, and Kyrgyzstan.
Senator Anusha Rehman, chairperson of the committee, highlighted the ministry’s $12 billion “Look Africa” initiative launched in 2017. The initiative aims to enhance trade relations with African countries. Rehman noted that the initiative would be reviewed in upcoming meetings to understand the lack of progress in barter trade with neighboring countries.
During the briefing, the in-charge secretary of the Ministry of Commerce informed the committee about the barter trade frameworks established with Iran and Russia. He stated, “The legal framework has been shared with both countries, and we are currently waiting for the Russian delegation to commence discussions.” Senator Rehman expressed concerns about the slow pace of progress, mentioning that discussions have been ongoing for three years without significant advancement. She remarked, “When work stalls, it is often blamed on bureaucracy, which prevents even good initiatives from moving forward.”
The discussion at the Senate Standing Committee on Commerce also included topics on donkey hides and meat. Ministry officials reported ongoing discussions with China regarding the export of donkey meat. They clarified that there are no restrictions on exporting donkeys to China and that anyone interested in this trade can pursue it. Additionally, donkey farming has begun in Pakistan to cater to the large Chinese market for donkey meat and related products.
Moreover, the Ministry of Commerce officials announced that a transit trade agreement with Azerbaijan is expected to be finalized this month. This agreement will allow 500 trucks to transit daily through the National Logistic Corps (NLC). Traders from Kazakhstan will benefit from this agreement by being able to clear their goods at Karachi Port.
Committee members were informed about the persistent trade deficit with China. The ministry is considering new tariff lines to address this issue. Discussions are also taking place to increase the number of trade officers in China, along with the suggestion to include support officers to enhance trade operations.
The emphasis on overcoming bureaucratic hurdles and exploring new markets indicates a strategic approach to enhancing international trade relations and economic growth.
