Need stressed to evolve strategy to face WTO laws

KARACHI (October 24 2002) : If Pakistan government really wants to get free its economy from the Western clutches then it must evolve a compact and comprehensive strategy to combat the consequences of stiff laws to be imposed by WTO from the year 2004, suggested by Central Chairman, Pakistan Business Forum, Mian Tanweer Ahmed Magoon on Wednesday.

In a press statement, he pointed out that so far no clear-cut and concrete policy from the government is developed to tackle the situation after the implementation of new WTO order that eliminates the quota system.

"After 2004, in the absence of any special preferences or quota, it will be an era of competition in global trade. We must get prepared to deal with the new situation that is not possible without forming a hassle-free policy by government, which must have the blessing of all concerned parties involved in trade," he added.

Magoon recalled that Pakistan is listed as one of the largest producers of cotton in the world. It is therefore imperative that government must pay more attention to facilitate and improve textile sector of the country. Sound base of our textile sector will certainly help to maintain its reputation in the international market even after the withdrawal of quota system and no negative impact will be registered on our exports, he opined.

He particularly requested the management of Export Promotion Bureau (EPB) to apprise exporters in detail about the complexity of laws under new WTO order. It will help local exporters to do their homework effectively to face the new system in perfect style and play their due part in consolidating the country's economy, he concluded.

Courtesy Business Recorder