UPLIFTING STATUS OF PAKISTAN IN GLOBAL MARKET: EXPLOITING WORLD TRADE ORGANIZATION (WTO) RULES WITHIN COMPETITION POLICY

Abstract

Since government investment and trade barriers have declined, there are apprehensions that the advancements from such liberalization may be disgruntled by private anti-competitive practices. As a result, the general consensus is that sound economic development is achievable through mutually supportive trade and competition policies. Competition policy comprises of antitrust policy (comprising of merger regulation and control) but is continually enlarged to encompass international trade measures and other policies that affect the structure, conduct, and performance of individual industries. This development has transpired the economic transformation viewed globally and leading to an increase reliance on the market mechanism. The influence of the transference has been particularly felt in the realms of the developing countries which have made a dramatic switch toward market- oriented and investment friendly policies. Moreover, the developing countries benefit from the special provisions of WTO including, extended time periods for implementing commitment and agreements, and measures to improve trading opportunities for developing countries. Notwithstanding these advancements, the time requires now for Pakistan to device a complete and effective set of rules in order to compete with the global market. A growing concern in this regard is import policies based on tariff regimes. It has been observed that a developing nation like Pakistan needs to take lesson from the economies of countries like Thailand and India and how they worked on certain key industries such as the infant industries in order to achieve a concrete economic status within a few years. This paper aims to analyze the need of an effective competition policy with respect to growth of local industry within Pakistan. In this paper, research is based on analysis of statistical data and opinions of the people learned in the subject, it also highlights certain loopholes in the economic policies of Pakistan and lastly provides a solution to these issues in light of certain major industries of the country. The paper argues that Capacity building can only be achieved through mutual consensus, regional and global cooperation and a more effective round of ideas that can shift positively towards a more economic efficient policy.

Keywords: Internationalization, Globalization, Competition law, Competition Policies, Infant Industry Protection, WTO, Economic Policies, Trade, Regional Cooperation