KARACHI, Aug 26: National Bank of Pakistan President Syed Ali Raza on Thursday said the World Trade Organization regime carried tremendous opportunities for country's businesses and economy provided "we ensure enhanced focus on three fundamental factors of quality, delivery and scale".
He was addressing a day-long seminar on "WTO and quality management", organized by the Institute of Bankers Pakistan (IBP) and the Experts Advisory Cell of the ministry of industries and production here.
Mr Raza said the quality of the products and the timely delivery would become absolutely critical for the world market under the WTO regime. A consignment imported by a western country for Christmas sales, if reaches in January is useless for the importer, he argued.
Talking about the competitive edge, he said every country could grow wheat and cotton but the important factor was who could do it cheap. Highlighting the need of small businesses to go for mergers and expand their operations to become cost efficient, he said the economy of scale would be the thumb rule for the economic survival of the businesses under the WTO regime.
However, he pointed out that there would not be a drastic change with the dawn of January 1, 2005 except that there were incremental changes taking place to enable businesses meet the WTO requirements.
The trend for the WTO regime started 25 years ago and the duties, which were far more than 120 per cent, had been reduced to 25 per cent or even less in Pakistan, leaving comfortable room to adapt to the new requirements, he added.
He appreciated the businessmen and their adaptability to the new requirements and hoped that under the WTO regime, there would be more opportunities than challenges for the country.
Pakistan's economy had shown resilience during the last two years and fruitful efforts were being made during this period to create awareness on the WTO effects on the exports, imports and local businesses of the country, he said and clarified that every business, irrespective to the size, quantum and grade would be impacted by the WTO regime. -APP