Thursday, October 29, 2020

Agriculture sector has $100 billion export potential: President ICCI Sardar Yasir Ilyas Khan

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Skilled human capital resources, a competitive industrial sector, and linkages with global value chains such as China are imperative for Pakistan’s economy to benefit from China Pakistan Free trade Agreement (PCFTA), said the President Islamabad Chamber of Commerce and Industry (ICCI) Sardar Yasir Ilyas Khan, yesterday.

President ICCI Sardar Yasir was addressing a seminar on “Bilateral Safeguards under China-Pakistan FTA and Trade Remedial Measure.” He continued that Pakistan could benefit from capital inflows from China as China is an economic powerhouse. Yasir also said that the local industries should be made aware of the agreements between the two nations and be prepared.

Read more: Climate Change and Mismanagement of water resources in Agriculture sector

Sardar Yasir also expressed the need for further economic collaborations with China in more sectors. He said that CPEC had the potential to transform the infrastructural, industrial, and agricultural sectors in Pakistan. He expressed the need for enhancing the skill of local labor in order to create export-led growth, and how Joint Ventures (JVs) were contributing to this front.

Agriculture has $100 billion export potential: ICCI President Sardar Yasir

Speaking about the agricultural sector he said that it had a potential worth $100 billion if it was given proper attention.

He said that “We need to evolve short, medium and long term strategy to set economic goals for the industrial and agriculture growth for evolving competitiveness in the local economy.”

Read more: Ghias Khan: Engro’s vision under CPEC for energy & agriculture

While addressing the seminar The Member National Tariff Commission, Anjum Asad Amin said that China Pakistan Free Trade Agreement (CPFTA) was a milestone in the economic history of the country for increasing the country’s exports. She said the government prioritized protecting the local industrial sector and for this bilateral safeguards measure to be adopted in the final agreement to protect the local industry. The member NTC said that in bilateral free trade agreement China had extended and robust safeguards for the next 23 years to the local industry.

Anjum Asad Amin said that both sides also agreed for electronic data exchange inclusion to ensure the transparency mechanism in the CPFTA. Now both of the countries can get bilateral import and export data from each other to avoid any doubtful situation, she said. She said that now both sides were bound to ensure 95 percent of electronic data exchange for mutual confidence.

GVS News Desk

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