ISLAMABAD, Aug 18: Federal Minister for Industries and Production, Liaquat Ali Jatoi said on Wednesday that Pakistan would touch the level of 24-25 per cent industrial growth during the fiscal year 2004-05 as against the 17 per cent growth registered last year.
He was addressing the inaugural session of one day experts moot on WTO organized by the Expert Advisory Cell (EAC) of the Ministry of Industries and Production. The others who spoke on the occasion included secretary of the ministry, the chairman, Export Promotion Bureau (EPB), the chairman, National Tariff Commission.
Mr. Jatoi said that the industry was faced with stiff competition mainly on account of various factors including inefficiency, high business cost, lack of access to financing, absence of linkages with regional and international production networks, low levels of skills and inadequate training facilities for human resource development.
He asked the business community to understand and become part of emerging global trading regime that advocates a transparent and rules-based trading system. "We shall have to develop innovative synergies. There is need to ensure collective actions in terms of developing strategies to get advantage of the new trade opportunities," he said.
The WTO multilateral trading system has defined a set of rules encouraging countries to pursue open and liberal trade policies. "We have to gauge ourselves with respect to pressing demands of the current times to determine our future. We have to make effective use of WTO provisions and procedures," he remarked.
Citing an example, he said abolition of textile quota regime should provide an opportunity for diversifying country's textile products and market thereby enhancing Pakistan's export base.
Though the tariffs have been reduced from 125 per cent to 25 per cent, protection against unfair trade practices in the shape of anti-dumping law, countervailing duties, etc., was available under WTO agreement.
The minister said the real challenges for developing countries like Pakistan was to look for ways and means where we could utilize their potential to increase Pakistan's share in global trade.
He said that the labour laws are being amended, treatment plants are being set up to facilitate the industrial sector, particularly textile sector to meet the challenges of WTO.
