Looking forward.

Pakistan has been grappling with a significant trade deficit for a long time, which is causing severe economic strain on the country and has led the country to the brink of a default on international payments. Pakistan's imports have been consistently higher than exports, resulting in a huge gap.

The issue of the trade gap in Pakistan is complex and cannot be solved simply by reducing imports. While it may seem like a straightforward solution, the reality is that Pakistan's export industry relies heavily on imported goods since the country lacks the necessary industrial capacity and technology to produce certain items locally.

This reliance on imported goods is particularly problematic in the textile and agricultural sectors. Despite having a competitive advantage in these areas, Pakistan fails to utilise it due to the lack of modern technology and infrastructure.

The government's attempts to address the trade gap through high tariffs on imported goods have not been effective. These measures have failed to restrict imports and have even resulted in a surge of informal and illegal imports. Thus, these policies have not been able to reduce the trade deficit.

In addition, Pakistan's export-oriented policies have also been unsuccessful in boosting the country's export capacity. As a result, the trade gap has continued to widen, putting pressure on the economy and causing other related problems.

A consortium of ideas can enable joint ventures to drive manufacturing solutions

Pakistan's trade deficit is a major economic challenge, but this presents a crucial opportunity for Pakistan to prioritise self-reliance and strengthen its domestic industries. Addressing this problem requires a concerted effort from both the public and private sectors.

To achieve self-reliance, all stakeholders need to collaborate and work together towards a common goal. One of the most effective ways to achieve this is by establishing local manufacturing facilities, which can gradually replace imported goods with domestic products.

This collaboration can help generate ideas, share expertise, and facilitate the...