Strengthen International Trade
Imran Khan and his team from PTI (Pakistan Tehreek-e-Insaf) promised us:
PTI would implement structural changes to the existing and outdated system to create a comprehensive and integrated approach to improve our balance of payments, drive innovation and diversify our exports.
Pakistan’s international trade is on a very fragile footing; with 70% exports coming from only three types of products (textile, rice & leather) whereas our imports are mostly inelastic such as oil. This situation adds to our current account deficit and puts serious pressure on our foreign exchange reserves which will further force devaluation and add to inflation. All previous strategic trade policies and initiatives have failed to enhance exports due to Pakistan’s poor investment climate and absence of required leverage over our main export drivers.
We will ensure cohesiveness between revenue policy, trade policy & national industrial policies.
We will ensure that our foreign exchange rate is regulated based on economic fundamentals.
We will champion diversification of our export product suite.
We will increase our export destinations through economic diplomacy and institutional support while adhering to our commitments within the GATT/ WTO framework.
We will reassess FTAs and PTAs premised on principles of our national interest.
We will incentivise linkages between academia, research institutions and industry to improve technology and innovation in our exports.
We will champion and incentivise creation of regional supply chain linkages; focus will be on increasing regional trade.
You can read these promises in the complete manifesto document released by PTI available HERE in English and HERE in Urdu.
Find below the expert`s analysis on the progress of above promise :