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WTO Publishes TPR Of Pakistan

by Carla Johnson, Investors Offshore.com, London

17 January 2008

Pakistan’s economic growth has been impressive since its previous Trade Policy Review in 2002, mainly as a result of its relatively open trade and investment regimes, sound macroeconomic policies, and of structural reforms that have also contributed to lower unemployment and reduced poverty, according to a WTO Secretariat report on the trade policies and practices of Pakistan.

The WTO further suggested that trade liberalization has resulted in noticeable improvements in customs procedures, the considerable reduction of tariff protection, and the widening of the scope of tariff bindings, giving more predictability to the trade regime.

Despite these improvements, a complex tariff structure remains in place in some sectors, the WTO observed.

In addition, the protection of Intellectual Property Rights has been strengthened.

The report also noted that Pakistan lags behind in export diversification, still depending heavily on textiles and clothing, which account for two thirds of the total exports.

This sector now faces stronger competition in major markets. State involvement in certain activities like engineering and key services persists.Continued trade liberalization and other productivity-boosting structural reforms to address bottlenecks, excessive regulatory controls and labour market rigidities would help improve Pakistan’s international competitiveness and the prospects for sustainable economic growth, according to the report.

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