Pakistan Economy in Wto

7/31/2019 Pakistan Economy in Wto

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Pakistan economy in the Frame of WTOEconomy:

Definitions Activities related to the production and distribution ofgoods and services in a particular

geographic region.

Economy is a field that is related to every day human activities which include,

production, distribution, exchange and consumption of goods and services. All the

professions and occupations apart from the economic agents, economic activities

contribute to the economy

Economy is basically a social system which is responsible for production, exchange,

distribution, and consumption of goods and services or a nation

Pakistan Economy:

The economy of Pakistan is the 27th largest economy in the world in terms ofpurchasing

power, and the 48th largest in absolute dollar terms. Pakistan has a semi-industrialized economy,

which mainly encompasses textiles, chemicals, food processing, agriculture and other industries.

The economy has suffered from decades ofinternal political disputes, a fast growing population,

mixed levels of foreign investment, and a costly, ongoing confrontation with neighboring India.

Since the beginning of 2008, Pakistan's economic outlook has taken stagnation. Security

concerns stemming from the nation's role in the War on Terror have created great instability andled to a decline in FDI from a height of approximately $8 bn to $3.5bn for the current fiscal year.

WTO:

Definition:

The World Trade Organization (WTO) is the only global international organization

dealing with the rules of trade between nations.Its main function is to ensure that trade

flows as smoothly, predictably and freely as possible. At its heart are the WTO

agreements, negotiated and signed by the bulk of the worlds trading nations and

approved in their parliaments.
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Mission Statement of WTO:

The World Trade OrganizationWTOis the international organization whose

primary purpose is to open trade for the benefit of all.

Director General(Mr. Pascal Lamy)

Goal of WTO:

The ultimate goal is to help producers of goods and services, exporters, and importers

conduct their business.

Explanation:

The World Trade Organization (WTO) is the successor to the General Agreement on Tariffs and

Trade (GATT) established in 1948. WTO was founded in 1995, though WTO is one of the

youngest of the international organizations, the multilateral trading system that was originallyset

up underGATT is already 50 years old.

The last half century has witnessed an exceptional growth in world trade; goods exports grew on

average by 6% per annum. Global trade in 1997 increased 14-fold as compared to 1950. GATT,

and its predecessor the WTO, take credit to help create 'a strong and prosperous trading system

contributing to unprecedented growth.'

The creation of WTO came in phases through a series of trade negotiations, or rounds, held

under GATT. The first rounds dealt mainly with tariff reductions but later negotiations included

other areas such as anti-dumping and non-tariff measures. The latest roundthe 1986-94

Uruguay Round ,led to the WTO's creation.

The negotiations continued after the end of the Uruguay Round. In February 1997 agreement

was reached on telecommunications services, with 69 governments agreeing to wide-ranging

liberalization measures that went beyond those agreed in the Uruguay Round.

In the same year 40 governments successfully concluded negotiations for tariff-free trade in

information technology products, and 70 members concluded a financial services deal coveringmore than 95% of trade in banking, insurance, securities and financial information. Banks,

insurance firms, telecommunications companies, tour operators, hotel chains and transport

companies looking to do business abroad can now enjoy the same principles of freer and fairer

trade that originally only applied to trade in goods.


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Objectives:

The WTOs overriding objective is to help trade flow smoothly, freely, fairly and predictably. It

does this by:

Administering trade agreements Acting as a forum for trade negotiations

Settling trade disputes

Reviewing national trade policies

Assisting developing countries in trade policy

Solving Issues, through technical assistance

Training programs

Cooperating with other international organizations

Raising standards of living,

Ensuring full employment and a large and steadily growing volume of real income and

effect demand

Developing the full sense of the resources of the world and expanding the production and

exchange of goods

Major Activities of WTO:

Negotiating the reduction or elimination of obstacles to trade (import tariffs, other

barriers to trade) and agreeing on rules governing the conduct of international trade (e.g.

antidumping, subsidies, product standards, etc.)

administering and monitoring the application of the WTO's agreed rules for trade in

goods, trade in services, and trade-related intellectual property rights

monitoring and reviewing the trade policies of the members, as well as ensuring

transparency of regional and bilateral trade agreements


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settling disputes among members regarding the interpretation and application of the

agreements

building capacity of developing country government officials in international trade

matters

assisting the process of accession of some 30 countries who are not yet members of the

organization

conducting economic research and collecting and disseminating trade data in support of

the WTO's other main activities

Explaining to and educating the public about the WTO, its mission and its activities.

The WTO provides the forum for negotiations among its members concerning theirmultilateral trade relations in matters dealt with under the agreements and a framework

for the implementation of the results of such negotiations, as may be decided by the

Ministerial Conference.

What WTO means for Pakistan??

Pakistan is the participant of the Uruguay Round and also the WTO. As a member it has to abide

by the WTO's objective of putting an end to the import duties which have been reduced from

maximum over 80 per cent nine years ago to 30 per cent at present. So what does it mean for themany industries that have taken long years to take root in Pakistan?

To start with, Pakistan still basically remains an agriculture-based country where cotton and

textiles make up 60 per cent of export earnings and rice also plays an important part. United

States is one of the top trading partners of Pakistanand offers a good test case of the relevance of

the promises of fair and equitable trade the WTO assures.

Critics accused the US to promote free trade only in sectors which benefit it. As far as other

sectors, like textiles, are concerned it chooses to resort to protectionism. Opening up more

sectors for free trade will give the developed countries more access to the resources of thedeveloping countries.

The US enjoys an immense influence in the WTO which is quite often used to further expand its

markets. This well-planned and corporate-driven expansion is too self-centered because it does

not give any benefits to other members. Tariff restrictions and wholesale use of anti-dumping

laws is still exercised to deny access to its market by the developing countries. Pakistan has


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faced many anti-dumping and quota related problems with the US for exporting its cotton and

textile products. Many other developing countries have faced the same problems.

While WTO claims to work only as a mediator, developed countries have found a resourceful

way of interpreting the WTO agreements to protect their industries. For instance, the US has

opened its market in textiles and clothing selectively, which does not benefit the developing

countries. Not surprisingly, the U.S. has resorted to use the transitional safeguard measures to

protect its domestic industries from sudden increases in imports by introducing its own Rules of

Origin to identify where a textile or clothing product comes from, changing the conditions of

competition and adding to the restrictions against the low-cost textile exports from developing

countries.

The US influence on the WTO agricultural policies will have a devastating effect on the

developing countries, particularly those which are suffering from shortage of food crops. This is

mainly due the US-led WTO policies, which promote food availability through trade thus

discouraging countries to attain self-sufficiency. The situation is further worsened that many

countries in the developing world have scarce foreign exchange to lift the food from the

international market even if it is available at a comparatively low price.

The Trade Related Intellectual Property Rights Agreement (TRIPS) is another example of

inequality in a forum which claims to promote fair and equitable trade among nations. While

TRIPS protects the rights of corporations it allows the shared knowledge of indigenous

communities to be patented by others, particularly in medicine. Thus transnational companies are

poised to earn billions in rent transfers to the rich countries which enjoy an almost total

monopoly on the medical trade and at the same time will control the patents of the developingcountries.

For a developing country like Pakistan, which has been able to establish a range of industries to

cut its dependence on imports to save foreign exchange which most of the time remains at a

precariously low level, the free trade means an uneven competition. The industries producing a

range of finished products in Pakistan are still heavily dependent on imported basic and raw

materials. The increasing cost of utilities, it is needless to mention frequent increase in power,

gas and petroleum prices during last 18 months in particular and last few years in general

have pushed the production costs to an uncompetitive level. This has resulted in less demand

locally due primarily to a declining purchasing power, increasing unemployment level and aspreading sense of uncertainty. It has also taken its toll on exports by rendering products

uncompetitive against such traditional rivals as India, China, Bangladesh, etc.

The local industries also fear that free trade would weaken their very base as it would give way

to an uneven competition. They say that allowing imports at zero duty, as and when it is done,

would mean a fatal blow to the local industries already reeling from high production costs.


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Secondly, and as important, they say that with a national psyche which prefers anything foreign

the local industries would have a hard time to compete with imported counterparts imported at

zero duty and offered at a competitive price. In short, there are fears that free trade would turn

the country entirely into an import dominated market.

Free Trade:

Definition:

Free trade is a system oftrade policy that allows traders to act and transact without

interference from government. According to the law ofcomparative advantage the policy

permits trading partners mutual gains from trade of goods and services.

Under a free trade policy, prices are a reflection of true supply and demand, and are the sole

determinant ofresource allocation. Free trade differs from other forms of trade policy where the

allocation of goods and services amongst trading countries are determined by artificial prices that

may or may not reflect the true nature of supply and demand. These artificial prices are the result

ofprotectionist trade policies, whereby governments intervene in the market through price

adjustments and supply restrictions. Such government interventions can increase as well as

decrease the cost of goods and services to both consumers and producers.

Features of Free Trade:

Free trade implies the following features:

trade in services without taxes or other trade barriers

The absence of "trade-distorting" policies (such as taxes, subsidies, regulations, or laws)

that give some firms, households, or factors of production an advantage over others

Free access to markets

Free access to market information

Inability of firms to distort markets through government-imposed monopoly or oligopoly

power
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The free movement oflabor between and within countries

The free movement ofcapital between and within countries

Trade Policy:

Definition:

A policy affecting international trade, including tariff and nontariff barriers OR a

government's policy controlling the foreign trade.

Trade Policy 2009-12 aims to set the country on the path of sustainable high economic

growth through exports.

The policy is geared towards contributing towards poverty alleviation, achieving export

led growth and providing relief to the common man through the provision of jobs and

services, focusing strongly on development and facilitation.

As far as the enhancement of the export competitiveness is concerned, the government

aims to:

First, overcome the most pressing supply-side constraints such as the shortage of energy,

cost of capital and difficulties linked with adverse travel advisories.

Second, enhance competitiveness of textile and clothing, with the help of Textile Policy

due to be announced shortly which focuses on new investments, modernization of

machinery and increasing total factor productivity. Third, deepen and diversify export

markets particularly our major trading partners US and EU as well as countries with

which Pakistan has signed a free trade agreement such as China, Malaysia and Sri Lanka.

Fourth, promote trade in services which globally have a more stable demand pattern andare less prone to detrimental external shocks seen for the case of commodity trading.

Fifth, embark on domestic commerce reform and development where key areas such as

wholesale and retail trade, storage and warehousing, transport, regulatory environment,

promotion of modern business and taxation practices require immediate attention.

To launch a comprehensive plan for the promotion of export of Services
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Engage with the larger trading partners like US and EU for greater market access and

utilize the Reconstruction Opportunity Zones for providing zero duty facility for exports

to US.

Strengthen and utilize the trade officers better for the protection and promotion of

Pakistans commercial interest abroad.

The trade policy aims to create a special fund of Rs 2.5 billion for product development

and marketing in order to increase the sophistication level of the sector and realize true

potential of this sector.

Devise a medium term strategy to boost exports of gems and jewellery.

To launch comprehensive Leather and leather products export Plan in consultation with

the major players of leather sector.

In order to address our strategic objective of product diversification for Pakistans exports

the government aims to: Provide a clear policy framework on the development of

chemical sector. Continue the successful initiatives provided to the Pharmaceuticals

sector in the previous trade policy and help introduce necessary regulatory and initiate

new development programs. Address the supply side constraints in the meat and meatproducts industry facilitate the foreign direct investment and export potential of mineral

sector.

Major Export Opportunities in Pakistan:

Based on its geographical location Pakistan has close political and economic relations with the

Middle East, Central and South Asia. It is the main gateway to Central Asia and supplier to the

Emirates. Economic integration with South Asia has been less effective in the past due to thestrained relations with India on the Kashmir issue. However, recently notable steps have been

taken by the South Asian Association for Regional Co-operation (SAARC), of which Pakistan is

a member, to establish a South Asian Free Trade Area (SAFTA), including India.

The main consequence of these macro economic successes has been an increased liquidity in the

country and the subsequent lowering of interest rates to a single digit for prime borrowers, from


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rates as high as 17% to 18% a few years ago. This has enabled higher profits for most businesses,

followed by an exceptional boom on the stock market.

Also, banks have aggressively marketed consumer finance to the emerging middle class,

allowing for a consumption boom (more than a 7-month waiting list for certain car models) as

well as a construction bonanza.

The Central bank has carefully managed the incoming "hot money" so that inflation remains

under control at less than 3% per annum.

Pakistan's economy is still very dependent on agriculture. The sector contributes 25% to GNP

but employs nearly 50% of the labor force. Industry contributes approximately 18% to GNP and

services about 50%, of which wholesale and retail trade account for 15%, and transport and

communication for 10%. As a result of the importance of the agricultural sector, climatic

conditions and water resources have a significant impact on the yearly economic performance.

List of Exports:

Textile & Garments

Raw Cotton

Rice

Leather

Carpets

Food Processing and Packaging

Sports Goods

Sugar

Raw material

Light engineering and automotive parts

Surgical instruments

Marble production

Gems and Jewellery


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Rice:

Rice is the second largest staple food crop in Pakistan and is also a major export item. It accounts

for 6.6 percent in value added in agriculture and 1.6 percent in GDP.

Leather:

Pakistan is the leading producers and exporter of leather and leather products of various types.

During the last 20 years, the industry has flourished by using trained and skilled operations. The

industry has a potential to increase exports to 1 billion dollars in a span of ten years by

promotion of leather footwear. The propaganda of use of child labour is now adversely effecting

this industry.

Carpets:

Carpets and rug industry occupies an important place in the economy of Pakistan. It is a labour

intensive industry. Due to its fine quality, Pakistan carpets are known and demanded all over the

world. However, the main buyers of carpets and rugs are Germany and USA. Pakistan's carpet

and rug industry is facing stiff competition in recent years. China, India and Iran have devalued

their currencies considerably and are giving us stiff competition.

Food Processing and Packaging:

Vegetables:

The production of pulses has shown a mixed trend. Production of Mung and Mash have

increased by 10.2 percent and 8.0 percent, respectively while the production of Masoor declined

by 5.9 percent.

Production or potato and onion are estimated to have decreased by 7.6 and 9.2 percent,

respectively while production of chillies is estimated to increase by 42.0 percent.

Fruits:

Pakistan's exports of fruits have been marginal in the context of both the national processing,

grading and marketing facilities. Fruits is one of Pakistan's major export. There are many units

working in the Fruits fields. They are producing good Fruits. Pakistan Fruits is famous around

the world. Many Fruits shows are arranged in Expo center Karachi to show the quality Fruits of

Pakistan


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Fish:

Fishery plays an important role in Pakistan's economy and is considered to be an important

source of livelihood for the coastal inhabitants. Apart from marine fisheries, inland fisheries

(comprising of rivers, lakes, ponds, dams etc.) are also very important source of animal protein.

Fisheries' share in GDP, although very little, contributes substantially to the national income

through export earnings.

The Government is taking a number of steps to improve fisheries sector. Further, number of

initiatives are being taken by the Federal and provincial fisheries departments which, inter-alia,

include strengthening of extension services, introduction of aquaculture techniques,

diversification of fishing efforts, improvement in post harvest techniques, development of value

added products, enhancement of per capita consumption and up-gradation of socio-economic

condition of the fishermen's community.

Obvious export markets are the Middle East, South and Central Asia as well as Europe

and the USA if the present phyto-sanitary constraints can be resolved. The local emerging

middle class should also provide an outlet for well processed and packaged food in the

medium term. The impression from the authors is that investment in this sector should

definitely be long-term, in view of the necessity to organize the supply chain as well as

the distribution network in a rather primitive environment, be it in the fruit, vegetable,

dairy or fishing sectors.

Also, a major part of the sector depends on the packaging industry, including carton

boxes, tin can, or freezing processes, which are still underdeveloped.

Sports Goods:

Sports Goods is one of Pakistan's major export. There are many units working in the Sports

Goods industry. They are producing good Sports Goods. Pakistan Sports Goods is famous

around the world. Many Sports Goods shows are arranged in Expo Center Karachi to show the

quality Sports Goods of Pakistan.

Sugar:

Sugarcane crop is a cash crop and serves as a major raw material for production of white sugar

and gur. Sugarcane was cultivated on an area of 961 thousand hectares during the current fiscal

year, showing a decline of 4.9 percent over the last estimated at 43608 thousand tonn3es which is


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lower by almost 5.9 percent, as compared with last year. The yield per hectare has also declined

by 1.1 percent.

Sugarcane, being the water intensive crop, suffered mainly due to the shortage of irrigation water

in Punjab and Sindh but delay in payments by the sugar mills also discouraged farmers to grow

more sugarcane.

Raw material:

There are 24 cement units in the country with total installed capacity of 16300 thousand tonnes.

Out of these 24 units, 4 units with installed capacity of 1831 thousand tonnes are in public sector

and 20 units having capacity of 14,440 thousand tonnes are in the private sector.

Light engineering and automotive parts:The light engineering and automotive parts industry should also provide opportunities, as far as

they are backed up by export markets. Based on an infant automobile industry still protected by

high tariffs and dominated by Japanese assemblers, the existing automotive supply industry is in

dire need of technology improvements. Similarly, there is a great demand for machinery and

equipment linked to the textile and garment sector, such as industrial dryers, cooling fans,

spinning needles, etc.

Surgical instrumentsThis sector exports 95% of its production, mostly to the USA and the EU. It represents a

turnover of about USD 150 million per annum and consists mostly of metal instruments. This

industry is concentrated in Sialkot, north of Lahore, making it one of the significant clusters for

such production worldwide. The technique is mostly based on forging and metal finishing for

which cooperation with European firm with the proper know how might be required.

Marble productionMarble is used extensively by the domestic construction industry, and part of the production is

exported, mostly to the Middle East. Mining and production sites are spread more or less over

the North and East of the country. The production represents about USD 25 million per annum.

The main drawback of this industry is the absence of sophisticated techniques: mining through

explosives which do not allow the production of large slabs of marble and implies important

wastage.


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Gems and Jewellery:This sector, based on vast resources of rough semi precious stones is still in the infant stages.

The official export of rough stones represents about USD 5 million per annum, while no stonesare cut locally yet. The government is trying to develop a stone cutting industry and has created

three training institutes.

Imports:

List of Imports:

Textile Machinery

Fiber

Silk yarn

Insecticides

Plastics

Medical Products

Iron, Steel, Aluminum

Rubber

Palm Oil

Petroleum


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Textile Machinery:

Pakistan's textile industry to use the most advanced technology in a right way.

The Textiles manufacturers are of the opinion that Pakistan would play an important role as a

major textile exporter. Pakistan ranked third in Asia after China and India as far as the textile

sector was concerned. There is great potential for the country to enhance its exports for which it

needs latest state-of-the-art machinery.

Pakistan was too important in the textile sector and the best way for textile export promotion for

Pakistan was to use latest machinery for a better place in the global market.

Fiber:

Pakistan imports fibers of Animal (hair, wool), mineral (asbestos), synthetic (nylon, Dacron),

polyester staple fiber, nylon fiber.

Silk yarn:

All kinds of silk yarns are sent to many countries including Italy, Turkey, Japan, Korea, India,

Pakistan and Bangladesh for over 30 years. The imports, of Silk Yarn remained at $524 million

as against the imports of $406 million in the previous year. The country imported $97.9 million

construction and mining machinery, imported at the cost of $118 million. Pakistan imported Silk

Yarn worth $211 million.Wild silk worms live naturally in tropical or semi-tropical forests. Their silk is gathered after the

moth emerges. As the caterpillars eat all kinds of different trees, all rich in tannin, the silk is

beige to brownish toned. Pakistan's are many varieties and shades of wild silk. Tussah is

generally stronger and more resilient than cultivated "white" silk.

Insecticides:

Five reference laboratories were established in Pakistan for monitoring cholinesterase (ChE)

activities of workers exposed to organophosphorus compounds. ChE activities were determined

by the Michel and tintometric method. Observations of ChE activities were made during two

malaria seasons. The first season showed that although a significant depression of cholinesterase

occurred among some of the workers, the ChE activities of workers were within the normal

range during the following season.


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Plastics:

The provincial government is said to have ordered purchase of 20 million woven polypropylene

(WPP) bags for storage of wheat this year.

The sources claimed that the government was buying 20,000 bales of 1,000 bags each. "The

decision to purchase plastic bags for wheat storage has been taken in spite of its opposition by

the health and environment experts and cloth and jute bag producers," the sources said.

Medical Products:

The government has reduced the customs duty from 10pc to 5 per cent on import of medical

equipment and apparatus based on the use of X-rays or other radiation which were used for

diagnostic purposes in the hospitals and medical institutions.

Pakistans worldwide organizational structure, coupled with an integrated product distribution

network, ensures that Medical Products are available wherever needed. Highly trained

representatives are located in a majority of countries around the world. Pakistan utilizes

independent distributors in many international markets. These distributors have met Associates

qualifications to distribute Medical Products.

United States implantable products are shipped on the day ordered, via our overnight carrier. For

shipping outside the United States other shipping arrangements are available, but may incur

additional charges.

Iron, Steel, Aluminum:

Iron:

It can't be denied in the modern times that an overall development of a country depends to a

greater extent on Iron and Steel Industry because we are passing through the 'Steel Age', where

right from a sewing needle to aircraft all the goods require iron and steel to come into being. Iron

and steel is indispensable to use for making machines, tools, war items and other various goods

of daily life.

Steel:

Pakistan Steel is one of he important ventures in public sector industries, which is aimed at

providing basic raw material to local high-tech industries in the country. The installed capacity

of 1.1 million tonnes of raw steel is extendable up to 3 million tonnes. The main products of

Pakistan Steel are coke, pig iron, billets, hot rolled coils / sheets, galvanized sheets etc. The re-


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structuring of Pakistan Steel is under active consideration of the government and a BMR project

is under implementation on self-financing basis. The performance of Pakistan Steel is

summarized.

Pakistan Steel has established 34 downstream industries in the private sector for optimum

utilization of its production capacity. Another 9 units are in various stage of completion. Pakistan

Steel has created a fully developed industrial estate within its boundaries for the aspirant

entrepreneurs to provide opportunity to locate downstream industry near the source of raw

material.

Aluminum:

Aluminum is one of the Pakistan's major imports. Pakistan cannot develop the Aluminum due to

the lack of technology. We hope that Pakistan will be developing Aluminum and saving the

money and raise their export.

Rubber:

Rubber is produced from natural or synthetic sources. Natural rubber is obtained from the milky

white fluid called latex, found in many plants; synthetic rubbers are produced from unsaturated

hydrocarbons.

Palm oil:

The palm oil industry has developed into a very vital agriculture-based industry in Malaysia.

Malaysia is the largest producing and exporting country of palm oil of the world. The growth of

palm oil industry in Malaysia spreads over four decades. Though oil palm tree cultivation was

introduced in 1870, but its commercial production started in 1960s. The Malaysian palm oil

industry started growing in 1970s. There are now over 40 refineries with a total installed capacity

of over 8.87 million tonnes. The number of mills has grown to 217. For many years, Pakistan has

been a major importer and consumer of Malaysian palm oil.

Petroleum:

Pakistan has very limited oil resources and oil imports occupy a major portion of our overall

imports. In recent years, the combination of rising oil consumption and flat oil production in

Pakistan has led to rising oil imports from Middle East. In addition, the lack of refining capacity

leaves Pakistan heavily dependent on petroleum product imports.


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Main commodities of imports during August, 2009 were Petroleum products (Rs.41,761

million), and crude petroleum (Rs.19,044 million).


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Conclusion:

Export-led growth has been the single most important factor in the economic success of any

nation regardless of the geography, location, class or creed. The formula is simple. A single

country can only have limited consumption capacity and the installed production capacity is

always going to be in correspondence with the national consumption. Limiting the national

income generation capacity until the country realizes potential export-markets abroad.

Pakistan being an agricultural economy is still a net importer of food items. The Agreement on

Agriculture (AOA) of WTO has been significant in molding agricultural policies of Pakistan.

Apart from the major crops, Pakistan needs to exploit its comparative advantage in the

production and exports of meat, dairy products, fruits, vegetables, horticulture. With regard to

agricultural negotiations in the WTO, Pakistan along with the other developing countries, insists

on a world trading system that is fair.

Moreover, Pakistan has a comparative advantage in many primary commodities. But in order to

fully utilize its comparative advantage, it needs to focus on and solve the problems in supply side

(domestic requirements). Pertaining to the Agreement on trade related aspects of intellectualproperty rights (TRIPS), Pakistan needs to ensure that the industry is encouraged to provide

intellectual property protection for its products and also make certain that there is effective

protection of the intellectual property rights attached to imported products.

In a nutshell, at present Pakistan maintains a fairly liberal trade regime, where all quantitative

restrictions on imports have either been removed or converted into tariffs. It is noteworthy that

the applied tariffs in Pakistan are well below the bound tariffs under WTO, translating into

market access. However, quality control is integral to competitiveness of Pakistan's exports. Low

quality products fetch low price in the international market. The obvious problems of quality forPakistan are those of technical precision, grading and specialization. The WTO Agreement on

Technical Barriers to Trade is relevant in this regard. Proper support and prudent policies for the

industry, along with intelligent balancing of imports and exports is vital for the sustainability and

growth of Pakistan's economy and is likely to lead towards a bright future and trade enhancement

under the WTO regime.


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Documents

Pakistan Economy in Wto