Vice President Pakistan Businesses Forum (PBF), Ahmad Jawad on Sunday said that trade diplomacy is a only ray of hope to increase exports. “In the preview of current scenario of the region, now it is equally expected that the new regime of the FPCCI should work for trade diplomacy and make a supportive role for the country foreign office too”.
In a statement issued here, Jawad said Pakistan’s best bet for exports in the next five years is trade diplomacy, in the following ways. seek FTA with UK after post Brexit (and negotiate long-term trade arrangement with the USA including on board the officials of US Chamber of Commerce too ; negotiate a favourable free-trade agreement with Turkey and African markets and improve regional connectivity, in particular with Afghanistan and Iran.
As Economic and Trade diplomacy is a diverse practice and an evolving subject which generally involves three kinds of negotiations — trade, investment and development cooperation. The meaning, forms and ways of economic diplomacy vary from nation to nation, depending on their levels of economic development. At the same time, each country is redefining its economic value proposition in the rapidly changing dynamics of economic gravity towards a multipolar setting that tilts towards Asia.
The dynamics of globalisation and emerging regional markets have challenged traditional diplomatic practices by forcing countries to increase their sphere of influence through engaging with a wide range of partners.