Abdul Razzak Dawood, Prime Minister’s advisor on trade and investments said that government has set a $ 5 billion export target for Afghanistan over the next three years.
The Prime Minister’s Trade Advisor said in a statement that “Trade between Pakistan and Afghanistan has three dimensions, including transit trade, bilateral trade and informal trade, which need to be documented along with an update in the infrastructure to run smoothly.”
The advisor said that informal trade between Pakistan and Afghanistan in 2019 was roughly around $ 2 billion, while both sides have the prospect of increasing bilateral trade.
He said the government is giving priority to documenting bilateral trade between the two countries to develop a data exchange mechanism to ensure transparency.
The Advisor to the PM said there is a need to improve trade facilitation through easier settlement of payments and improved insurance mechanisms, use of bond carriers, visa issuance, trade finance, tax collection and documentation.
“In particular, there must be an internationally recognized method of payment,” he added.
Razzak Dawood said trade can further strengthen the relationship between the two parties and achieve the goal of generating benefits in areas of common interest.
He added that “Pakistan also shares a 2,200 km border with Afghanistan, which can play a vital role in enhancing economic interdependence and relations between the two sides.”
He said both sides are committed to lowering the cost of doing business in order to increase bilateral trade between Pakistan and Afghanistan.
He said Pakistan needs to focus on infrastructure issues, policies for accepting vehicles and temporary drivers, access to third countries, and improved handling at border centers to reduce the cost of doing business and increase bilateral trade between Pakistan and Afghanistan.
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