Higher implementation of WTO's TFA 'adding value to Pakistan's economy': Shaikh

ISLAMABAD: The implementation level of the World Trade Organisation's Trade Facilitation Agreement (TFA) of Pakistan has more than doubled over the past two years, Prime Minister Imran Khan's aide on finance announced on Sunday.

The "World Trade Organisation's TFA implementation level of Pakistan reached 79% in Nov 2020 from 34% in June 2018", Adviser to PM on Finance and Revenue, Dr Abdul Hafeez Shaikh, wrote on Twitter.

With the improved implementation from the Geneva-based organisation through several efforts, trade facilities have improved the country's economy and employment, contributing to the ease of doing business index.

The WTO's TFA implementation level "is greater than India, Bangladesh & average of all WTO countries", Dr Shaikh added, noting that it was "adding value to Pakistan's economy & creating new jobs".

At the same time, Pakistan rose from the 136th position to the 108th position in the Global Fund’s Annual Ease of Doing Business 2020 Report, with a DB score of 61.0 — a tangible benefit of the global trade body's efforts.

The collective ranking is based on various elements and factors, including Starting a Business, Dealing with Construction Permits, Getting Electricity, Registering Property, Getting Credit, Protecting Minority Investors, Paying Taxes, Trading across Borders, Enforcing Contracts, and Resolving Insolvency.

Not only that, but the ranking of Karachi in starting a business was at 89.2, higher than Bangladesh, Nepal, and India, which were at 82.4, 81.7, and 81.6, respectively.