Pakistan Aims To Boost Trade With Africa More Than Two-Fold By 2025
Pakistan plans to fully take advantage of the African Continental Free Trade Agreement (FTA)
Pakistan wants to boost trade with Africa and is looking into potential opportunities to reach free trade agreements with the continent.
Abdul Razak Dawood, adviser to the Prime Minister on commerce, industries, and investment, said Pakistan welcomes all proposals and trade with Africa. He was speaking at the bilateral and multilateral level at the Pakistan-Africa Trade Development Conference held in Nairobi.
Negotiate Trade Agreements
The advisor to the PM said that they are in touch with Southern African Customs Union (SACU), Economic Community of West African States (ECOWAS) and East African Community (EAC) to negotiate trade agreements. Pakistan has started to appoint commercial envoys in the potential countries to strengthen economic ties.
Dawood said Pakistan plans to fully take advantage of the African Continental Free Trade Agreement (FTA).
Pakistan is also opening six trade wings in embassies across Algeria, Egypt, Ethiopia, Senegal, Sudan, and Tanzania.
Pakistan’s trade with Africa has remained constant at $3 billion/year from 2012 to 2026 but has now increased to $4.6 billion in the year 2018-19.
The advisor said that this a golden opportunity to unlock the true potential of our trade and socio-economic development. He said that Pakistan’s share in the trading business of African countries is 0.4 percent, which needs to increase.
The Ministry of Commerce has formulated the ‘Look Africa Policy Initiative,’ which has already been put into motion and is reflective of our broader policy towards Africa.
Dawood said that the look Africa policy initiative enables both countries to shift from over-dependence to higher-value-added products and services. Trade ties will create jobs, facilitate economic growth, and reduce poverty.
Pakistan is ready to supply rice, engineering goods, electrical appliances, textiles, apparel, pharmaceuticals, sports goods, surgical instruments, cutlery, furniture, and many more products.