ISLAMABAD: China is on the top of the list of 84 countries with whom Pakistan faces the highest level of trade deficit, it is learnt.
The country faces trade deficit of $9,084,079 with China and $4,835,658 with UAE. Pakistan’s trade deficit with Saudi Arabia, Indonesia, Japan, Kuwait, India, Thailand, Malaysia, Singapore and European Union is $2,275,444, $1,901,011, $1,612,323, $1,543,627, $1,357,002, $732,393, $724,733, $665,324 and $519,712, respectively.
Sources told Customs Today that in order to improve balance of trade, the ministry of commerce was making effort on three fronts. “Trade diplomacy through unilateral and reciprocal concession with partner countries, trade promotion though exhibitions and delegations and trade policy by improving export competitiveness through various initiatives announced in Strategic Trade Policy Framework (STPF 2015-18).
The source said that the initiatives announced in the STPF 2015-18 primarily focused on products sophistication and diversification of product base, enhancing share in existing markets and exploring new markets, institutional development, and trade facilitation measures.
31At present the source said that MoC was negotiating trade agreements with Thailand and Turkey to secure enhanced market access in these markets. Ministry is also in the process of reviewing Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) with China, Malaysia, Indonesia and with other countries to make them more effective from Pakistan’s perspective. Further, trade promotion activities like exhibitions, trade fairs and others are regularly held to showcase and promote domestic products abroad.
