According to the members of the Geneva-based World Trade Organization, Pakistan’s performance during the global pandemic has been nothing but applause-worthy. The country was successful in displaying a resilient growth performance in the light of the global economic turmoil that was the result of the COVID-19 pandemic.
This was much-anticipated feedback in the recent tough times when the country is undergoing some strict in-house political issues. The members gave this feedback at the conclusion of the Fifth Trade Policy Review on April 1st. Sualeh Faruqui who is the National Commerce Secretary led Pakistan’s side. The last time Pakistan attended this review was back in 2015.
Pakistan successfully concluded its 5th Trade Policy Review at the WTO. Pakistan's delegation was led by Mr. Sualeh Faruqui, Secretary, Ministry of Commerce. https://t.co/Nt5d8sVo6p— Ministry of Commerce (MOC) (@mincompk) April 1, 2022
WTO actively appreciated the on-time and strategic response that was executed by Pakistan’s government. Pakistan’s economy was able to rebound from the economic turmoil thanks to these proactive approaches.
While the members hailed the adoption of the market-driven exchange rate system they did mention that Pakistan’s foreign restrictions do demand some revisions. The members also raised some concerns about the imposition of safeguard measures. Some issues such as phytosanitary issues and sanitary measures were also highlighted as they do need some upgrades. Members also asked for clarification regarding the current safety measures, SOPs that are being implemented in the country, and their compatibility with Pakistan’s WTO commitments.
Furthermore, the members of the esteemed board were also quick to highlight Pakistan’s quick growth in the agricultural sector and its overall impact on the economic resurrection. The committee also applauded the country’s commitment to increase its share of renewable energy in the economy and its future plan to phase out coal-fired power plants.