Pakistan commerce minister pays tribute to US, European economic aid since 9/11
Speaking on the first anniversary of the 9/11 US terrorist attacks, the Pakistan Minister for Commerce, Abdul Razak Dawood, has lauded the economic assistance provided to his country by the US, Europe and Japan in the difficult times since.
"Because of 9/11, we lost $1 billion exports but we also received substantial foreign remittances achieving $600 million cash while the US allowed market access to our exports." Dawood said in an interview today. Pakistan's total exports for 2001/02 totalled $9 billion, as opposed to the expected $10 billion.
The minister said the help received had provided the ‘vital breathing space’ his country needed to weather the economic fall-out from the attacks. However, there was still a long way to go, not just in terms of the continued reluctance among foreign buyers to visit Pakistan, but also in restoring the country's reputation as a reliable manufacturing partner. Exports were also continued to be hamstrung by high insurance costs and continued disruption to air travel.
The minister also expressed disappointment at the US’s failure to deliver on the full range of import concessions originally promised - particularly with regard to textiles - adding that he would soon be meeting his US counterpart with a view to rectifying this.
Nevertheless, Dawood said he was encouraged by the response of the outside world; "We have had good favours including new market access from the European Union," he said, adding that this would increase export revenues by around $400 million.
