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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7/31/2019 Pakistan Economy in Wto
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