ISLAMABAD: Federal Ministry of Commerce has achieved key milestones aimed at enhancing the country’s global economic position in Fiscal Year, 2024.
Notable successes include the signing of the Pakistan-Azerbaijan Preferential Trade Agreement (PTA) and the Transit Trade Agreement (TTA), both aimed at reducing tariffs and enhancing trade with Azerbaijan and Central Asia, said official documents issued here by the federal government.
The Ministry also strengthened e-commerce through MoUs with Uzbekistan and Belarus, promoting digital trade and supporting SMEs .
The “Made in Pakistan” exhibition in Tashkent resulted in significant business deals, while the lifting of the rice export ban to Mexico and the MERCOSUR Framework Agreement opened new markets.
The Ministry expanded Pakistan’s commercial presence through new trade missions, fostering global trade relations. These efforts, alongside strategic initiatives and trade facilitation measures, are laying the groundwork for sustainable economic growth and enhanced export competitiveness, official data said.
The outcome Evaluation in 2024, the Ministry of Commerce’s efforts significantly advanced Pakistan’s economy through trade growth, expanded market access, and strengthened international partnerships.
Key achievements include the Pakistan-Azerbaijan PTA and TTA, enhancing regional trade and improving access to Central Asia.
The E-commerce MoUs with Uzbekistan and Belarus fostered digital trade, while the “Made in Pakistan” exhibition in Tashkent generated over $10 million in business deals and strengthened ties with Central Asia.
Efforts like lifting the rice export ban to Mexico and the MERCOSUR Framework Agreement opened new markets, boosting export diversification. New trade missions and improved trade facilitation, including the near-completion of the Trade Facilitation Agreement (TFA), enhanced Pakistan’s global footprint and efficiency in customs processes.
These initiatives foster long-term sustainable growth, positioning Pakistan’s economy as more competitive, resilient, and globally integrated.
The report highlighted the Policy and legislative developments, signing of the Pakistan-Azerbaijan Preferential Trade Agreement (PTA) and Pakistan-Azerbaijan Transit Trade Agreement (TTA) – July 2024.
Pakistan-Turkiye Trade and Investment Roundtable (Aug 2024) and “Made in Pakistan ”Exhibition in Tashkent(June2024) as well Memorandum of Understanding on E-commerce Cooperation also finalized.
According to the documents issued, the Ministry of Commerce of Pakistan aims to drive economic growth by fostering a dynamic and competitive trade ecosystem.
Aligned with national objectives of economic resilience and sustainable development, the Ministry focuses on promoting exports, enhancing market access, and integrating Pakistan’s economy into global supply chains.
The Strategic priorities include developing key sectors such as textiles, agriculture, and manufacturing, while also supporting emerging industries like technology and services.
The Ministry strives to create an environment conducive to foreign investment and reduce trade imbalances through policies that encourage export-oriented growth.
By modernizing trade infrastructure and building capacity, the Ministry aims to position Pakistan as a competitive player in the global market, contributing to the nation’s economic stability and prosperity, the data said.
The data also highlighted the initial status of country’s trade, in the previous year, the Ministry of Commerce operated within a challenging yet dynamic landscape shaped by both domestic and international factors.
Pakistan’s economy was facing various challenges, including trade imbalances, inflationary pressures and structural inefficiencies, while the global trade environment remains volatile due to geopolitical factors and market fluctuations.
The Ministry’s starting point in addressing these challenges involved recalibrating its policies to align with the government’s economic priorities and ensure the sustainability of trade growth.
In 2024, Pakistan’s Ministry of Commerce focused on enhancing exports, improving market access, negotiating trade agreements, and boosting the competitiveness of Pakistani industries.
The Ministry modernized trade infrastructure, improved the ease of doing business, and supported export-oriented sectors like textiles, agriculture, e-commerce, and information technology.
Key performance indicators included monitoring export growth, improving the trade balance, and successfully implementing trade agreements.
The Ministry also prioritized strengthening institutional capacity and aligning trade policies with national economic objectives.
Notably, Pakistan achieved record-breaking exports, surpassing expectations at the end of the second quarter of the fiscal year 2024.
