ISLAMABAD, Pakistan: In order to diversify export market, comprehensive measures are being taken to explore markets of South America to help boost trade from the country.
The South American markets have great potential which needed to be exploited and by taking timely measures Pakistan can benefit from this untapped potential, an official of the ministry of Commerce said.
Argentina, Brazil, Colombia and Cuba have huge import potential for promoting trade from Pakistan.
For instance, Argentina has about US$65 billion import market and by penetrating these market, Pakistan can boost its exports, the official added.
Similarly, the other countries like Brazil have also big economies wherein Pakistani exporters could penetrate and benefit a lot.
The Senate Standing Committee on Commerce during its recent meeting have also asked the Ministry of Commerce to take initiatives for exploring these markets, initially by taking some trade delegations to these destinations.
In addition, trade exhibitions could also be organized in these countries to attract local market, importers as well as investors.
Pakistan can exhibit its products like rice, plastic, salt, surgical instruments and many more products to earn foreign exchange.
In order to boost trade, an appointment of about 41 trade officers is in the process and would be finalized soon.
These trade officers would be deployed in different countries to help promote trade and investment.
It is pertinent to mention that the Strategic Trade Policy Framework (STPF) 2015-18 also envisages diversification of export markets through adoption of an outreach strategy for Africa, Commonwealth of Independent States (CIS) and Latin America.
As part of the market penetration and outreach strategy, these new markets will be explored through the following initiatives market research, opening of new trade missions, exhibitions and delegations and by promoting linkages through Export Import Bank [EXIM Bank]
The STPF 2015-18 aims to achieve annual exports to US$ 35 Billion besides improving export competitiveness and making transition from `factor-driven’ economy to `efficiency-driven’ and `innovation-driven’ economy.