The issue widely under discussion in the country's economic circle is that why the benefits and opportunities of globalization under WTO regime have not trickled down to trade, industry and overall fiscal position.

It is so, largely because of lack of awareness and understanding of the complex rule-based system of WTO and most importantly, the business stakeholders including manufacturers, importers and exporters are just not aware of their rights and obligations under the WTO regime.

Some business circles are of the view that the basic responsibility rests with the government and it must prepare a fast track plan to create awareness among stakeholders regarding WTO regime and its implications.

Experts say that Pakistan's real exports potential is much higher than what we have explored yet. Overall scenario shows some element of betterment and the Export Promotion Bureau has made some commendable efforts in this regard, especially during last couple of years but a lot has to be done as we are still lagging far behind than many of the developing countries. According to official data, the country's exports rose to $12.3 billion during 2003-04, which is indeed a landmark.

The export target of $13.7 billion is quite achievable for which the EPB has to play pivotal role, although we have a potential to achieve at least double of it. Apparently it may seem as an exaggerated figure but it is only a matter of right planning, increased market access, enhanced awareness and dedication, both at the level of official and private sector.

Textile sector is the most vital in exports and the implementation of various initiatives launched under the Exports Development Fund (EDF) are being considered as very crucial.

It is reassuring that over the last four years the textile sector has invested about $4 billion for balancing, modernization and replacement (BMR) to bring its production at par with world quality. Under the BMR plan an investment worth Rs333 billion has to take place by the year 2005.

In order to market their products, trade delegations of textile machinery producers from France, Switzerland, Germany, Japan and India are frequently visiting Pakistan as a part of their marketing plans.

However, under existing conditions, we have little room for complacency as the challenges are getting tougher and daunting. It's encouraging that a few business entities have taken this initiative to prepare stakeholders to face the challenges of globalization under the WTO regime, but the massive awareness campaigns could only be launched by the consolidated efforts with the effective participation of the EPB.

Hopefully, these efforts would enable our business/trade community to face the future challenges and get maximum benefits from the economic opportunities available.

The industries and exports are left with no other option but to survive and make further progress by getting fully prepared for fierce competition under WTO regime. The textile sector, in particular, has to meet the challenges after the phasing out of MFA quota regime on January 1, 2005.

Already, the pressure is mounting on the textile industry from foreign buyers for compliance with social, labour, health, hygienic and environment standards. This needs to be addressed on top priority basis. It is apprehended that MFA phase-out on January 1,2005 will start another era of non-tariff barriers by the developed countries.

The government on the other hand has a claim that it has done proper homework and in that context industrial tariffs have been consciously rationalized in accordance with the WTO regime.

Official sources also claim that we are far ahead from countries in the region in the areas of environmental, labour and social compliance requisites. These sources are confident that Pakistan would only gain from the WTO regime, as our textile industry, which contributes to over 65 per cent of our export earnings, is not only well prepared and well protected but also expected to grow manifolds.

There might be an element of truth in these claims but if we want to achieve something in real terms, our private sector stakeholders need to be adequately equipped to take the challenge of tough competition and to optimize the benefits of free trade environment by improving the quality of their products to world-class level and through diversification in value-added exportable goods.

The exports of non-traditional items registered a big increase during last couple of years and the upward trends in this sector are still continuing. Another important aspect that demands good consideration is anti-dumping duty imposed by European Union on bed linen.

To avoid any mess, our exporters should market their products on the best price. The proper maintaining of accounts and costing figures could help exporters avert the imposition of anti- dumping duty in the international market.

As for as our overall implications of the WTO regime is concern, some observers predict that by 2005-6, major textile and clothing buyers will reduce by half the numbers of countries they sources from.

The challenge for countries and companies is to remain an independent source for these buyers. It is depicted by the fact that fewer of our exporters are in the state of preparedness vis-a-vis upcoming challenge. For the rests, a massive awareness campaign on the part of EBP can set the momentum we require.