LAHORE, Dec 16: Punjab government's adviser on World Trade Organization Inamul Haq said on Thursday the post-WTO regime would open up a window of opportunities for Pakistan.
"The WTO is a consensus-driven organization designed to achieve gains from trade for its members," the adviser said at a seminar on 'WTO: threat and opportunities for industry.'
The one-day seminar was jointly organized by the Lahore Chamber of Commerce and Industry (LCCI), Smeda, Punjab P&D (WTO Cell) and PNAC. Akbar Sheikh stressed the need to understand the WTO regime and said the negative propaganda in this regard was contrary to the ground realities. The post-WTO regime, he said, would actually eliminate unfair trade.
Awais Mazhar Hussain emphasized the need to set up technical and research institutes in the country to cope with the WTO challenges. He said in a few years China would be far ahead of America in production while the per capita income of the Chinese would take 75 years to reach the level of the American citizens.
Dr Jean-Pierre Lehmann, professor of international political economy, suggested a number of measures to face the WTO challenges. LCCI president Mian Misbahur Rehman pleaded for an aggressive strategy aimed at greater market access and innovation at national level to cope with the challenges.
The prevalent cost of doing business in Pakistan, he said, would be the major threat to the existence of industry in the free trade environment. Mian Misbah said if immediate measures were not taken, Pakistan would become only a trading place and there would be no industrialization in the country.
LCCI vice-president Sheikh Arshad stressed the need to cut the cost of production in Pakistan to face the challenges of post-WTO regime. Sheikh Arshad said Pakistan would be in tough competition with India and China particularly in clothing and textile sectors.
