KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Wednesday highlighted Pakistan’s policy of trade and economic liberalization during an interview with an American news channel, saying that combined with the ongoing reform momentum, these policies could generate an “East Asia moment.”
Aurangzeb, currently in Washington D.C. to attend the World Bank and International Monetary Fund annual meetings, spoke to CNBC about Pakistan’s improving macroeconomic indicators and the government’s focus on structural transformation to sustain growth and stability.
Speaking about the overall global trade dynamics, the finance minister said Pakistan’s economic focus was shifting away from protectionism.
“We cannot continue to shield industries which have received protection for the longest time,” he said, adding that if Pakistan has to grow, “it has to have industries which are competitive and which can export.”
He noted that macroeconomic stability and structural reforms must go hand in hand, citing progress in taxation, energy, privatization of state-owned enterprises and public finance management as integral to the government’s reform agenda.
