Secretary Commerce Javed, DG Trade Policy Muhammad Ashraf and LCCI Secretary General Shahid Khalil were also present.
Pervez Malik said that new and unconventional avenues are being focused for Pakistani merchandise to yield the desired results. He said that role of business community is important for economic stability of the country which is highest priority of the present regime.
He said that government has opened all economic areas to achieve the goals of economic growth. He urged the private sector to become proactive to meet international standards & better marketing of products to compete effectively. The minister said that businessmen should identify hurdles in the way of value addition of products and share with government to address problems.
He urged the business community to explore the untapped markets of Middle East and Europe which offer good potential for improving trade and exports.
He said the businessmen should come up with creative solutions for improving tax revenue and assured that government would provide infrastructure and play the role of facilitator while entrepreneurs have to take the lead to improve trade and exports and the economy. Malik Tahir Javaid said that major factors contributing in decline of Pakistan's exports are high cost of doing business, lack of product and market diversification, low level of technological advancement, non-compliance of international quality standards, underdeveloped human capital and unskilled labour.
He apprised the minister of the LCCI recommendations to restrict unnecessary imports and enhance exports of value added products.
"Pakistan has to move from low value-added to technology-intensive high value-added manufacturing in order to get its share in international trade. The government must facilitate this process through new industrial reforms and trade facilitations to promote exports of high value added and sophisticated products," he said. Existing exports basket (product mix) and exports destinations need to be enhanced. By providing a broader base of exports and diversification, Pakistan can lower instability in export earnings, expand export revenues, upgrade value-addition and enhance growth through many new markets and products, he said.
Pakistan needs to get free or preferential market access in Africa, Latin America, Central Asian Republics (CARs), Russia and Australia. As African and Central Asian Republics (CARs) countries are emerging economies and there is immense potential of exports for Pakistan, he added.
He stressed the need for renegotiation of FTAs signed with many countries as in most of the cases Pakistan is facing trade deficit. He said that timely and adequate banking facilities should be enhanced especially in Africa, Russia, Central Asian States and South America to meet the exports commitments.
Exporters should be allowed pre and post-shipment credit at competitive interest rates. Pakistan has to strictly follow the technical standards under technical barriers to trade (TBT) and sanitary and phytosanitary (SPS) standards to increase its exports to developed countries. Because of non-compliance of sanitary and phytosanitary standards on fisheries and seafood products, mangoes and other agriculture products Pakistani exporters are facing restrictions by the developed countries, he said. He said that development of human capital and skilled labour is immense important to overcome the problem of low productivity, low value added and thus low exports. Pakistan must invest in the promotion of R&D to achieve export growth especially in high tech products, he added.
He urged the government to work on priority basis, to improve the ease of doing business ranking. He asked the government to lower the cost of doing business and cut down the duties and taxes on raw material. Exports of raw materials like limestone; salt and silica sand must be discouraged through imposition of duty or other non-tariff barriers.
Malik Tahir Javaid said that nearly all countries impose standard certification for imports. Pakistan should also impose standardization requirement for discouraging unnecessary and sub-standard imports especially in food, textile. It can be made mandatory for the importer to inspect the factory at the expense of the exporter, which is a lengthy and costly procedure.
He said that by lifting regulatory duties on raw material and capital goods, domestic production can be enhanced. He also said that there should be coherence between investment, industrial and trade policies, so that Pakistan may achieve desired goal of increasing exports.