London ,6th June, 2012
Chairman Senate Syed Nayyer Hussain Bukhari has stressed the need for working together towards a peaceful, prosperous and more equitable world. He was expressing these views while addressing 2nd Commonwealth Economic Forum during Diamond Jubilee celebrations of the Queen on the subject “sharing capitalism for global prosperity & sustainable Growth.”
The Chairman said that the commonwealth as a diverse group of 54 countries across six continents including both developed and developing countries must take the lead to promote development and better living standards through a sustainable and more equitable economic system. The recent global economic turmoil provides an opportunity to review the inherent imbalances in the distribution of wealth as a result of unjust capitalist practices. This resulted in negative impact on the developed economies as well as has retarded growth in the developing countries.
Talking about Pakistan as an attractive market for investors, the Chairman said that Pakistan is located at the cross-roads of central, western and southern Asia. It has a population of 180 million consumers, 56 million strong workforce, duly supported by a 100 million youth population.
Elaborating the trade ties between UK and Pakistan, Bokhari highlighted that UK is the second largest investor in Pakistan with total Foreign Direct Investment from UK at 133 million pounds in the year 2010-11. Under the recently concluded enhanced strategic dialogue both the countries agreed to raise the level of trade between them to 2.5 billion pounds by 2015.
The Chairman said that instability in our region has directly affected us besides loss of thousands precious lives of civilian and military personnel due to the ongoing war on terrorism and extremism, Pakistan’s economic losses are estimated at over $ 80 billion, adding the value of lost economic opportunities, the total loss comes out to be around $ 130 billion. The devastating floods in 2010 and 2011 have further compounded difficulties. Despite these challenges, the economy has shown extraordinary resilience with around 3.4% GDP growth rate during last two years with 3.7% in the current showing upward trend.
Talking about present government’s reforms for sake of economic revival via constitutional amendments he told that greater autonomy for provinces has been given that will lead to growth and greater prosperity.
Chairman Bokhari said that this is an era of connectivity and this year 2012 has been designated as the year of regional trade and economic connectivity. He said that Pakistan is looking forward to have constructive relationship with our regional partners e.g. India and Afghanistan. We are also keen to build on our fraternal ties with other commonwealth partners especially in the economic sector.
We are in the process of granting MFN status to India for increasing trade volume, he added. The signing of APTTA (Afghanistan Pakistan Transit Trade Agreement) provides for transit routes to Pakistan to export its goods to Central Asia.
Talking about Pakistan’s role in WTO, he said we are one of the founding members. “We believe in a world free of unnecessary protectionism and equal trade opportunities for all.” We shall continue to work with all regional and international institutions towards attaining the objectives of free trade as enshrined in the WTO and other frameworks.
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