According to news reports, the World Trade Organisation, in its Trade Policy Review in Geneva, has appreciated the economic performance of the Pakistani government during the last two years.
Minister for Commerce KhurramDastgir Khanhas claimed the WTO membersbelieve that the Pakistan’s economy has shown remarkable resilience in the wake of security situation, devastating floods and energy shortages.Federal Secretary Commerce Muhammad ShahzadArbab presented a report of the Pakistan Trade Policy to a body of 160 WTO member states. The secretary stated that the Trade Policy Review acts as a catalyst for change, invites greater openness and transparency in trade policy formulation as well as an impetus for Pakistan to move forward in its reform process.The WTO is an organisation for trade opening, a forum for governments to negotiate trade agreements, a place for them to settle trade disputes and it operates a system of trade rules. The organisationis a place where member governments try to sort out the trade problems they face with each other.The WTO General Council meets to conduct Trade Policy Review of member states under the Trade Policy Review Mechanism and to consider the director-general’s regular reports on trade policy development which is open to all the WTO members.
The WTO members specially mentioned daunting challengesdespite the government is able to post healthy growth in the gross domestic product. The government also managed to reduce fiscal deficit, which has been a long-standing challenge, through strong fiscal consolidation.The member states also lauded the lowering of inflation by the Pakistani government to a single digit, building of foreign exchange reserves, increasing tax collection, privatisation of the public sector enterprises and elaborate reforms in the energy sector. Representatives of leading economies like US, European Union, Japan, China, Brazil, Turkey, India, Australia and Canada commented on Pakistan’s trade and economic policies.
The provinces of the country have autonomous status and they can launch their own economic plans. The federal government can provide technical knowhow and other facilities to boost the economy of a province. But provincial leaderships of the country should awake up and instead of looking toward the center; they should themselves take initiatives to develop their respective provinces. The matter of Pakistan’s economic performance lies in management and not in potential. There is a need to tape potential of business through proper management and that is the crux of the matter.
