Stagnant year after year

The World Trade Organization (WTO) is the top international body, which controls and regulates the international trade regime. Established in 1995 as a successor of the General Agreement on Tariff & Trade (GATT), it has since strived to increase the volume of world trade by supervising tariff impositions, rates and the commercial dealings and disputes between nations of the world. Pakistan joined the WTO on 1st January, 1995, in order to boost its export which 13 years later in 2008, stand at around $ 18 billion. During 2008, Pakistans exports remained concentrated in five major categories viz. cotton & cotton manufacturing, leather, rice, synthetic textiles and sports goods. Out of these, cotton manufactures accounted for 54.7 percent, rice 7.1 percent and leather 6.1 percent. Presently, Pakistans major exports markets are headed by USA with 26.4 percent which is followed by UK 5.6 percent, Germany 4.3 percent, Hong Kong 4 percent and Dubai 1.6 percent. Pakistan government is trying to increase the volume of its exports by gaining access to more markets in the European Union, Asia, Africa and Latin America. It is facing great hardships in getting a breakthrough in EU due to many restrictions under the WTO rules. Pakistan Trade Policy 2008-09 has fixed the export target at 22.1 billion dollars. Unfortunately, the developing countries like Pakistan are not being given preferential treatment under the WTO regime through which they might increase the volume of their trade. -SOBIA KHATOON, Rawalpindi, January 16

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