KARACHI: Federal Minister of Commerce Khurram Dastagir Khan said on Wednesday that for achieving high economic growth rate, it was necessary that Pakistan promotes trade with regional countries, including India.

The present government has initiated economic diplomacy for promotion of regional trade and despite facing strong opposition from the West, Prime Minister Nawaz Sharif would be visiting Iran in the near future.

Speaking at a luncheon meeting with businessmen and industrialists at the Korangi Association of Trade and Industry (KATI), the minister said decision to liberalise trade relations with India should come up with determination and without carrying doubts and fears.

Responding to complaints made by business and industry leaders, the minister said that a new batch of commercial counselors was being prepared and the government would send them next year to take their responsibilities.

He said that the tariff and duty regime would be liberalised and currency rates would be stabilised which would be predictable on a long-term basis.

The minister disclosed that the government had already received a score card from the European Union (EU) for three years review of the GSP+ regime status given to Pakistan.

All information related to compliance with 27 UN Conventions and the thresholds of quotas would have to be furnished in this card by January 2016.

However, Khurram Dastgir Khan said that none of these compliances are related to the Ministry of Commerce but have to be looked after by provinces or by other ministries which are being kept informed about these developments.

He warned the businessmen that many countries are opposing the GSP+ status given to Pakistan and have already started campaigning and lobbying in the EU for its withdrawal.

Undoubtedly, he said GSP+ was a big achievement, but exporters should remember it that it was more like an incentive for giving better performance on account of good governance and other labour and industry related issues.

The minister further stated that presently the country was passing through a transition phase, but many decisions taken by the present government, including Thar coal, Gadani power fields and PQA power plant (all coal-based power plants), would ultimately put the nation on the right path as all these measures would help bring down cost of energy which is presently based up to 75pc on furnace oil.

Furthermore, he said the LNG terminal is likely to come into operation by the end of this year or early next year which would also help reduce gas shortage.