MUZAFFARABAD, Feb 16: Speakers at a seminar on Saturday underlined the need for formulating a comprehensive economic policy to face the global economic challenges.

The seminar on “Challenges of Globalization and Prospects for Pakistan Economy” was organized here by the Kashmir Institute of Development Studies (Department of Economics) of the AJK University.

Azad Jammu and Kashmir High Court Chief Justice Syed Manzoor Hussain Gilani was the chief guest and Dr A. R. Kamal of the Pakistan Institute of Development Economics, Islamabad, was the main speaker of the seminar.

In his lecture, Dr Kamal discussed different aspects of WTO, GATT and Intellectual Property Rights policies and reviewed the economic policies of the developed and under-developed countries.

He remarked that as the steps to be taken by the World Trade Organization for globalization were beneficial for the common consumers and labourers, the industrialists and investors opposed them.

He said the industrialists and investors exploited the labourers and were trying to hinder implementation on the WTO measures.

Dr Kamal observed that the under-developed countries could not compete with the developed countries in banking services and some other sectors.

Replying to a question regarding the process of privatization in the country, he said it had not brought fruitful results as the amounts received through privatizating public departments could not be properly used for debt retirement.

Other speakers stressed the need for evolving of a comprehensive economic policy in line with the international atmosphere and developments made in trade sector by the WTO.

They said that only the peaceful solution to the Kashmir dispute could ensure peace in South Asia.—APP