Project to facilitate small and medium-sized enterprises in Pakistan reach global markets
A new initiative has been launched to enable small and medium enterprises (SMEs) in Pakistan to effectively engage in and access international markets.
This UK-funded initiative will help enhance Pakistan’s trade diversification and integration into global value chains. The program will contribute to sustainable and inclusive economic development in the country.
“Monthly exports for goods and services (worth $3.2 billion) are at an impressive record high – with the UK remaining one of the biggest export markets for Pakistan. The new program will enable trade reforms and create more opportunities for Pakistani businesses, especially small and medium enterprises, to compete in international markets” said British High Commissioner to Pakistan, Dr Christian Turner.
The project also aligns well with my ambition to double the trade between UK and Pakistan showing the best of #UKPakDosti” Dr Turner said.
The International Trade Centre (ITC) will implement the UK-supported revenue mobilization, investment and trade (REMIT) program. The GBP 5 million project will run from 2020-2024.
ITC is the joint agency of the World Trade Organization and the United Nations which assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, contributing to sustainable economic development.
“REMIT will focus on creating a conducive environment for small and medium-sized enterprises to engage in trade. It can help diversify the economy and capture additional export opportunities for the country post-COVID-19. ITC is committed to strengthening Pakistan’s approach to trade and stimulating international trade competitiveness. This will make it easier for Pakistani businesses to trade internationally and support job creation in export-oriented sectors” according to Executive Director of the International Trade Centre Pamela Coke-Hamilton.
Pakistan’s Federal Secretary Commerce Muhammad Sualeh Ahmad Faruqui described the project as a comprehensive and far-reaching one involving major public and private stakeholders in business and international trade in Pakistan.
“Through the project’s intervention areas spanning National Priority Sectors Export Strategy, building institutional capacity for trade policy formulation and addressing trade barriers, and finally through targeted trade facilitation oriented reforms, the project will go a long way towards contributing to increased trade and investment for the inclusive and sustainable economic development of Pakistan.”
He also informed that the REMIT has a gender response framework which informs all project activities.”
Through the development of Pakistan’s National Priority Sectors Export Strategy and capacity building of the Ministry of Commerce (MOC), Federal Board of Revenue (FBR), Trade Development Authority (TDAP), the National Trade Facilitation Committee (NTFC) and business associations and groups, the program will support formulation and reform of trade policies, including addressing some of the main barriers to trade.
The project will also build business associations’ capacity for advocacy, including women entrepreneurs. By supporting trade and related activities, this project will contribute to the government of Pakistan’s efforts to achieve the Sustainable Development Goals (SDGs).
The project was launched the same day Pakistani official confirmed that the world’s biggest e-commerce platform Amazon will be opening up its services for Pakistani sellers.
Highlights
- A trade facilitation toolbox will be developed, for optimal implementation of the WTO Trade Facilitation Agreement.
- The project will also contribute to increased transparency of trade rules and improve business compliance with cross-border requirements.
- The program will also ensure inclusivity through addressing barriers that women businesses face in integrating into export value chains.