Pakistan’s Largest Trade Event In Chile By TDAP Went In a lossPakistan’s Largest Trade Event In Chile By TDAP Went In a loss

Pakistan’s Largest Trade Event In Chile By TDAP Went In a Loss

Pakistan’s Largest Trade Event In Chile By TDAP Went In a Loss: Carelessness of the coordinators of Pakistan’s biggest exchange occasion in Chile, a noteworthy economy of South America, has conveyed lost millions to many organizations other than putting a reciprocal facilitated commerce understanding in danger.

For past 10 months the Trade Development Authority of Pakistan (TDAP) had been preparing for a Single Country Exhibition at Estación Mapocho, a former train station that since 1994 has been refitted as a cultural centre, in the capital Santiago.

Pakistan’s Largest Trade Event In Chile By TDAP Went In a loss
Pakistan’s Largest Trade Event In Chile By TDAP Went In a loss

The four-day expo, running between May 26th -29th , was formally opened on the third day. Not more than a hundred people visited dozens of stalls. Moreover, much to the disappointment of Pakistani community, especially the investors, the focal person for liaison and smooth conduct of business stood absent from the scene.

Representatives from 22 companies of textile, agriculture, sports, surgical instruments, marbles, gems and jewellery, carpets and furniture, and beauty products are participating in the single country trade exhibition.

Chile is a long, narrow country stretching along South America’s western edge, with more than 6,000km of Pacific Ocean coastline. It is a multi-ethnic society, including people of European and Indian ancestry, with a small and easily recognisable community of Pakistanis.

Last December, Chile agreed to sign a free trade agreement (FTA) with Pakistan within six months which would enable the South Asian country to enhance exports of its textiles, leather, surgical and sports goods to the South American country under the proposed FTA.

But, according to the ministry, a lack of consensus within Latin American nations prevails on signing a preferential trade agreement (PTA) with Pakistan amid the restriction to market access of textile products to protect the domestic industry.

The only attraction at the exhibition has been the gastronomical booth featuring Paan, Paratha, and Biryani – a place the TDAP staff find most comforting to their ‘Chile’ appetite.

Pakistan’s Trade Volume With The South American Region

The country’s Commerce ministry says it recognizes ‘the immense trade potential’ of the South American region and has taken steps to enhance trade with South American countries and Mercosur as a bloc, a regional trading bloc excluding Chile.

Pakistan’s Largest Trade Event In Chile By TDAP Went In a loss
Pakistan’s Largest Trade Event In Chile By TDAP Went In a loss

Mercosur is the fifth largest economy in the world today with a GDP of $2.7 trillion. However, Pakistan’s imports from South American countries continue to outweigh its exports to the region, with a deficit of over $103 million registered during July-December last year.

Pakistan’s trade volume with the South American region had hovered around $600 million since FY2014-15, except FY2015-16 when the volume was recorded at $769.725 million.

Within the Mercusor, Pakistan’s largest trading partners have been Argentina and Brazil with bilateral trade volume at $160.894 million and $251.18 million, respectively, for fiscal year 2016-17, as per the State Bank of Pakistan (SBP) figures.

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