Trade deemed necessary to ensure post-COVID economic recovery

In a recent webinar organized by the International Trade Center Geneva (ITC), in collaboration with Sustainable Development Policy Institute (SDPI) featured key global trade experts that highlighted the importance of trade in regards to post-COVID economic recovery.

This was due to the fact that many enterprises were struggling for survival during the rising concern of COVID-19. Moreover, Dr. Muhammad Saeed, Senior Policy Advisor Trade Facilitation ITC, Geneva, explained that the pandemic overall led to the disruption on the supply and demand side hence resulting in an economic crisis of unprecedented magnitude which is why trade policies may resolve this solution. Dr. Saeed further added that the mindset in regards to policy consideration and regulatory compliance for exporters and importers needs to be changed.

In regards to these points, the National Coordinator of ITC-ReMIT, Dr. Tauqir Shah suggested that the key role in post-COVID-19 recovery has to be played by digitally enabled SMEs. On the other hand, Dr. Aadil Nakhoda, Assistant Professor, Department of Economics IBA Karachi, mentioned that the biggest challenge is the disruption to the global value chain as the trade cost has increased both for the importer and exporters.

Near the conclusion of the webinar, Trade Facilitation expert, ITC Geneva, Edwin Gaarder, added that the trade support institution plays an important role in the transit towards the new normal and suggested the idea of Pakistan positioning itself in the model of globalization while ensuring focusing towards the green recovery.