Federal Minister for Commerce, Syed Naveed Qamar on Saturday said that connecting Pakistan to the global supply value chain was a major challenge that the government was constantly working on. Pakistan’s trade can be enhanced by connecting the our trade system to the global supply chain, he said.
The Minister led the delegation from Pakistan comprising officials from the Permanent Mission of Pakistan to the World Trade Organization and the Ministry of Commerce, Islamabad, said a press release received here.
The 12th Ministerial Conference of the World Trade Organization (WTO) was held in Geneva from June 12-16 June 2022.
Addressing the conference, Naveed Qamar highlighted some of the challenges being faced by Pakistan in the wake of the balance of Payments crisis, and looming Food Security threats.
The Minister underscored Pakistan’s commitment to the system and called for a focus on issues that would help us come out from the pandemic and prepare for the future, such as finding solutions to challenges posed by the intellectual property system, lack of technology transfer to developing countries and the access to policy tools to augment production.
On the opening ceremony of the Conference, the Minister addressed the the challenges confronting the Multilateral Trading System and emphasized the need for upholding the fundamental principles enshrined in the Marrakesh Agreement such as consensus-based decision making and special and differential treatment to achieve the objectives of economic growth and sustainable development, raising standards of living and generating employment.
The lacking implementation of mandates from Ministerial Conferences, a dysfunctional dispute settlement body, a tendency to ignore the rules-based system and unilateral actions of members were highlighted as some of the major challenges confronting the system.
In a session on the proposed reform of the WTO, the Commerce Minister highlighted the existing imbalances in trade agreements that favored developed countries and called for restoring confidence in the organization by restoring a developmental agenda and safeguarding the foundational principles of the organization.