WTO and Pakistan: Opportunities and policy challenges

Abstract

Establishment of the World Trade Organization (WTO) has provided a common institutional framework for the conduct of rule-based trade relations among its members. The WTO is expected to improve dealing with trade issues and give new assurance to member countries that the commitments it has obtained from them are secure and enforceable. Members expected that protection, in general, and on textile, clothing and agricultural commodities in particular, would be eventually lower with full implementation of the WTO accord. The WTO has also laid down non-discriminatory trading rules in areas such as services and intellectual property. Whereas the accord has offered a variety of new opportunities to Pakistan it has started facing many difficulties in the global arena especially as the restructuring is taking place through out the world after the accord. It is against this background that the present paper examines the opportunities and identifies policy challenges resulting from the new trade regime led by the WTO. The paper presents a strategy to deal with the situation.