On November 13, 2024, Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, met with a delegation from the World Bank to advance the nation’s export reform agenda, a crucial initiative aimed at boosting export competitiveness. The discussion focused on strategic reforms and support mechanisms essential for enhancing Pakistan’s exports and positioning the country more effectively in the global market.
Minister Khan underscored Pakistan’s whole-of-government approach to export enhancement, a framework intended to align various government sectors under a unified export-focused policy. This strategy emphasizes export-led growth by offering exporters essential support mechanisms such as financing, liquidity assistance, reduced input costs, and regulatory facilitation to ease the operational and financial burden on exporters. The policy framework aims to make it easier for businesses to operate and compete internationally by improving the Ease of Doing Business for exporters in Pakistan.
A key aspect of the discussion involved exploring how the World Bank can contribute to these reforms under its broader program for Pakistan, which includes financial and knowledge-based support for trade development. The World Bank’s team expressed its continued commitment to assisting Pakistan in these initiatives. The institution has also reaffirmed its support for Pakistan’s Trade and Investment Officers (TIOs) stationed in various global missions, as these officers play a critical role in expanding Pakistan’s trade relationships and attracting investment.
Minister Khan highlighted the recent establishment of 17 Sectoral Councils by Pakistan’s Ministry of Commerce, a milestone initiative designed to involve the private sector more actively in the policy development process. These councils will focus on key industries, leveraging private-sector insights to create policies that are both grounded in industry needs and capable of spurring export growth. The World Bank team welcomed this development, recognizing its potential to enhance the effectiveness of policy reforms by ensuring they align closely with the needs of Pakistan’s exporters.
One of the major outcomes of the meeting was an agreement to form a joint working group focused on trade. This group will meet regularly to assess the progress of reforms and to collaboratively develop strategies that will help Pakistan reach its ambitious export target of $60 billion. By bringing together expertise from the World Bank and insights from Pakistan’s government, this working group will serve as a strategic think tank to guide the country’s export agenda.
Additionally, the World Bank has committed to supporting knowledge-sharing initiatives to strengthen Pakistan’s trade connections globally. These efforts are expected to bridge knowledge gaps and introduce best practices in export promotion, a critical step for enhancing the country’s global competitiveness.
The collaboration between Pakistan’s Ministry of Commerce and the World Bank reflects a renewed commitment to economic growth and global integration. As Pakistan continues to pursue export-led growth, these reforms and partnerships underscore the importance of a stable policy environment, streamlined regulatory processes, and active international support.
The initiatives discussed in this meeting are poised to provide Pakistan’s export sector with the infrastructure, financial support, and regulatory clarity needed to meet rising demand and expand into new markets. With the foundation laid by this meeting and the joint working group, Pakistan is moving toward establishing a more resilient export framework, which could significantly contribute to national economic stability and sustainable growth.