ISLAMABAD, Sept 10: Approving the recommendations of Trade Policy 2011-12, Prime Minister Yousuf Raza Gilani on Saturday directed the commerce ministry to realise the immense potential for regional trade in order to enhance the country’s exports.

The trade policy aims at achieving an ambitious export target of $26 billion for the fiscal year besides seeking better market access by addressing tariff and non-tariff issues. The policy proposals would now be presented to the Economic Coordination Committee (ECC) for final approval.

After a presentation by commerce ministry officials, Mr Gilani said the government would soon hold a conference of ambassadors and trade officers with a view to giving them the task of pursuing ‘trade diplomacy’ for increasing exports.

The presentation was attended, among others, by Commerce Minister Makhdoom Amin Fahim, Finance Minister Dr Abdul Hafeez Shaikh, Planning Commission deputy chairman Dr Nadeem-ul-Haq and secretaries of finance and commerce divisions.

Commerce Secretary Zafar Mahmood briefed the meeting on the free trade agreements (FTAs) that had been concluded with Sri Lanka, China and Malaysia and the preferential trade agreements (PTAs) with Mauritius and Iran and Saarc Free Trade Area (SAFTA).

He said negotiations were in progress on the second phase of Pakistan-China trade agreement, Pakistan-Singapore FTA, Pakistan-Indonesia PTA, Pakistan-Turkey PTA, Pakistan-Sri Lanka Comprehensive Economic Partnership, Pakistan-GCC FTA, Pakistan-Mauritius FTA, D-8, OIC PTA and ECO Trade Agreement (ECOTA).

“Other initiatives for greater market access in Asia Pacific are also continuing,” the commerce secretary said. He was hopeful about the success of the current trade policy despite the global economic situation, market access problems, energy deficiency in the country, the poor law and order situation and the scourge of terrorism.

He said the finalisation of an FTA with China had made the country one of the biggest trading partners of Pakistan. Trade with Afghanistan, he said, was registering an upward trend in favour of Pakistan.

He stressed the need for export of human resource and for that a comprehensive plan was being chalked out in collaboration with the Technical Education and Vocational Training Authority (TEVTA), Punjab and Sindh as well as other provinces to train the manpower required in GCC, EU and the US.

Finance Minister Shaikh asked the commerce ministry to try to diversify the export base because traditional approach may not work all the time in the highly competitive international market. “Structural changes must be brought about keeping in view the dynamism of international market and also when the US and European economies were on the slippery ground,” he said.