Pakistan has a huge potential to enhance its trade volume with the Association of South East Asian Nations (ASEAN) countries, said an official. Federal Tax Ombudsman's Coordinator Meher Kashif Younis said in a meeting with a delegation of industrialists and traders that the trade volume of ASEAN countries has exceeded $3.3 trillion, which is likely to improve further in the near future. He pointed out that Pakistan's trade volume with ASEAN countries is $11 billion, much less than its current potential.

Meher said China is already working closely with ASEAN neighbours to resolve problems and improve the efficiency of trading, particularly with the development of the digital economy. He said the practical application of this cooperative approach is also seen in the framework provided by the Regional Comprehensive Economic Partnership (RECP) agreement, the world’s largest free trade agreement.

The official said there is a vast scope in diversified sectors for Pakistan to increase its trade volume with ASEAN countries that are lending full collective strength to recover from the Covid-19 and recent flood devastation that badly affected the economy. Meher said business leaders and institutions are looking to further strengthen their regional cooperation and develop business opportunities brought by the RECP agreement.

He said an essential part of the long-term success of the RECP is to nurture new growth drivers such as the digital economy and low carbon development. He said the digital economy can only reach its full potential if there is a common agreement on digital standards and protocols.

Credit : Independent News Pakistan-WealthPk