ISLAMABAD: A parliamentary panel was informed on Wednesday that the government is working to enhance exports by sustaining GSP Plus status with the EU, reviewing existing trade agreements and negotiating new free trade and preferential trade agreements with other countries.
In a briefing to the National Assembly Standing Committee on Commerce, chaired by Mohammad Jawed Hanif, Federal Minister for Commerce Jam Kamal Khan reaffirmed the government’s commitment to a predictable, export-friendly environment through sustained reforms and public-private partnership despite global trade challenges.
The was convened to deliberate on legislative business and a calling attention notice on export performance, as well as broader economic and trade matters, including trade deficit management and investment trends.
Responding to the questions on the trade deficit, the minister apprised the committee that Pakistan continues to face pressure due to limited export earnings and reliance on remittances to support the external account.
He stated that while remittances have provided short-term relief, sustainable economic stability requires a significant increase in exports.
He explained that recent stabilization measures have been recognized by international institutions, including the International Monitory Fund (IMF) and credit rating agencies, and that improvements in inflation, interest rates, and macroeconomic indicators have created a more predictable environment for trade.
He further highlighted that reducing the cost of production, improving competitiveness, addressing infrastructure constraints, and ensuring policy continuity are essential to narrowing the trade deficit over the medium term.
The commerce ministry apprised that measures have been taken to reduce the cost of doing business through rationalization of industrial energy tariffs, provision of concessional financing, timely clearance of exporters’ refunds, abolition of the Export Development Surcharge, and simplification of trade regulations.
