Export initiative

This refers to the news item ‘Pakistan to issue $1 billion of Panda bond in Q1 2020’ (Nov 29). It seems that the government’s financial woes are not receding, notwithstanding the tall claim of narrowing the trade deficit and the current account deficit. Instead of creating more debt burden, which now is at an alarming high level, the government must focus on curbing luxury/non essential imports to bring the import bill down to around $42-43 billion from the existing anticipated level of $46-47 billion. With economic activity picking up and accelerated execution of key projects under CPEC and outside its umbrella, import of machinery and capital goods are likely to exert pressure on the import bill.Simultaneously, a robust export initiative must be launched to augment the export of Pakistani products. With the implementation of a new FTA with China effective December, all-out efforts must be made to avail the opportunity of enhancing exports in the Chinese market. Unfortunately, the commerce ministry seems to have a lackluster approach in this regard.Kulsoom ArifKarachi

from The News International - Newspost https://ift.tt/2ReN4c3