Pakistan Needs to Tap Into $4.92 Trillion D-8 Market Atif Ikram Sheikh

Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has represented Pakistan in the all-influential General Assembly meeting of the D-8 Chambers of Commerce and Industry (D-8 CCI). He apprised that the meeting was also attended by Iran, Turkiye, Egypt, Indonesia, Bangladesh and Nigeria.

Mr. Atif Ikram Sheikh expressed his vision that Pakistan must tap into the export market of D-8 countries with a combined GDP of $4.92 billion; and, tapping into these markets has the potential to correct Pakistan’s regional trade deficit for a number of reasons: (i) Pakistan has friendly ties with the D-8 members (iii) we have geographical contiguity or land-based access with some member countries (iii) land-based routes can be used for transshipment (iv) shipment to these countries takes lesser time and costs (v) with intra D-8 trade at merely 5 percent, there are low-hanging fruits to be grabbed in a short-span of time.

FPCCI Chief informed that General Assembly meeting of D-8 CCI discussed in detail roadmap and strategy for intra-alliance trade promotion; plan of activities for next three years; arbitration system; D-8 Preferential Trade Agreement (D-8 PTA); visa-related issues; transportation costs; value chain economic fruits; regional connectivity; currency swap agreement; barter trade and D-8 Halal Exposition in Indonesia.

Mr. Atif Ikram Sheikh noted that the D-8 bloc represents more than 5 percent of global GDP; which makes the alliance a significant one for the D-8 countries in particular and the entire region in general. He explained that only if we can capture the D-8 market in value-added textiles; IT & ITeS services; sports goods; rice, fruits & vegetables; surgical equipment; pharmaceuticals and construction materials, Pakistan can enhance its exports by $5 – 10 billion within 2 – 3 years vis-à-vis D-8.

Mr. Atif Ikram Sheikh stressed that D-8 countries have a cumulative population of more than 1.1 billion; and, Preferential Trade Agreement can usher a wave of economic prosperity; investments & JVs; industrial collaborations; tourism & hospitality boost; establishment of cost-controlled trade routes and a collective voice in economic affairs in other international forums.