Former Minister for Commerce Humayun Akhtar Khan has emphasized that structural transformation is indispensable for achieving sustainable economic development in Pakistan.
Talking to media, Humayun Akhtar said that without the 7 to 8 percent growth, poverty reduction will remain a dream.
The former minister expressed concern over the current economic framework, stating that it is not capable of supporting such high levels of growth. “We must immediately initiate negotiations with US to seek concessions on tariffs,” he said.
He recalled that during his tenure in 2007, Pakistan signed a Free Trade Agreement (FTA) with China. While other countries benefited and secured access to Chinese markets, Pakistan failed to capitalize on the opportunity over the last 17 years. He stressed the importance of also renegotiating with China to obtain further trade relaxations.
Humayun Akhtar said warned that if the ongoing global tariff war persists, Pakistan could find itself at a disadvantage compared to nations such as India, Turkey, and Egypt. “The US currently imposes tariffs of around 36% on China and 20% on Europe. We export nearly $5.2 billion worth of goods to the US. It’s vital we secure a middle ground through diplomacy,” he added.
Highlighting the declining contribution of the industrial sector to Pakistan’s GDP, he called for revitalizing the country's manufacturing base. “Most of our tax revenue and employment opportunities stem from this sector. Unfortunately, Pakistan lacks essential industrial infrastructure such as petrochemical plants, steel mills, and machine tool factories,” Humayun Akhtar concluded.