ISLAMABAD: Finance Minister Ishaq Dar has stressed the need to increase trade volume between Pakistan, Afghanistan and Central Asian countries to foster prosperity in the region.

“Our region is very rich in economic, human and natural resources and the connectivity of this region will usher in new vistas of prosperity,” the minister said while addressing the launching ceremony of a research report on Pakistan Afghanistan Central Asian Trade (PACT). “China-Pakistan Economic Corridor (CPEC) is a game-changer and we would like other neighbouring countries to take advantage of this project.”

The International Monetary Fund (IMF), he said, raised gross domestic growth (GDP) growth forecast for Pakistan for the current fiscal year to five per cent from 4.7pc, and has projected a growth of 5.5pc in 2020-21.

Moreover, the Asian Development Bank (ADB) raised its growth forecast for Pakistan for 2017 from 4.8pc to 5.2pc, a Harvard University study has projected 5.07pc annual growth for the country till 2024, whereas the World Bank projected 5pc growth 2016-17 and 5.4pc in 2017-18. He said initiatives like Central Asia Regional Economic Cooperation (Carec) and CPEC, and Pakistan’s commitment to join in the Ashgabat Agreement and Lapis Lazuli Corridor would further support the Central Asian republics’ trade plans.

“The bilateral trade volume between Pakistan and Afghanistan has risen to $1.84 billion annually from $1.1bn in 2006,” Mr Dar said, adding that the two countries have committed to take it to $5bn annually in the next five years.

He said work on Central Asia-South Asia power project, commonly known as CASA-1000, was under way, and it would bring 1,000 megawatts of electricity to Pakistan, and 300MW to Afghanistan. The minister also took notice of Federal Board of Revenue’s raids on business houses after complaints from traders during the ceremony, organised by the Rawalpindi Chamber of Commerce and Industry (RCCI).

Speaking on the occasion, RCCI President Raja Amer Iqbal said the PACT project had different phases. In the first phase, a PACT summit was organised on Aug 10, 2016 to explore the new trade avenues, business opportunities, discuss trade problems and finding the means of ease of doing business between Pakistan, Afghanistan and Central Asian republics.

Published in Dawn, December 1st, 2016