After years of encountering failure when it comes to increasing exports, PM Imran Khan has finally approved the establishment of the Export Development Board (EDB) to enhance trade. With a separate body tasked with resolving issues pertaining to the balance of trade, we can expect some positive growth to be achieved.
The EDB promises representation to all stakeholders that work closely with exports within the committee, with Imran Khan residing as president. In this manner, not only will the regulation of internal markets be formalised but explanations for why the rate of exports has continuously, under one government and the next, been declining can be given. Taking on a sector-based approach will ensure comprehensive understanding of how the market works, under what situations Pakistan can benefit and what all incurs a loss to the national economy. Additionally, it will also go a long way in recognising and targeting new markets that the country can benefit from. Lastly, every economy has a certain strength and it is up to the government to ensure that the inherent advantage is utilised effectively. As such, the EDB can direct exports in a manner that plays to Pakistan’s strongest points.
The EDB is set to meet once every month. This means that not only will concerns potentially be addressed in a timely manner but that all members can actively reiterate any and all regulations that the country has to abide by in order to find a new customer base for its products. Thus, slowly and surely, things are bound to change for the better if officials commit to the EDB and work towards the good of the country.