Pakistan’s Economic and Trade Potential in Regional and Global Power Shifts: A Way Forward

Authors

  • Zubair Nawaz Federal Board of Revenue, Islamabad Author
  • Muhammad Mohsin Govt. Sadiq Egerton Graduate College, Bahawalpur Author
  • Muhammad Naeem University of Chinese Academy of Sciences, Beijing, China Author
  • Kiran Mushtaq Beijing Normal University, Beijing, China Author
  • Muhammad Atif Nazeer The Islamia University of Bahawalpur, Bahawalpur Author

DOI:

https://doi.org/10.62345/jads.2024.13.2.50

Keywords:

Economy and Trade, CPEC, Regional Cooperation

Abstract

Pakistan’s strategic location and shift towards economic diplomacy and regional integration allow it to harness its geopolitical potential. The main aim of this exploratory study is to highlight the trade and economic opportunities and potential of Pakistan with its neighboring regional and global partners for long-term fiscal relations and positive economic gains to support its economy and relations. Despite challenges with neighbors Iran, Afghanistan, and India, economic interdependence can revitalize the ancient Silk Route, boosting regional trade. Game-Changing Initiatives like China Pakistan Economic Corridor (CPEC) and Shanghai Cooperation Organization (SCO) membership offer opportunities for Pakistan’s geo-economic growth; the MENACASA region (Middle East, North Africa, Central Asia, and South Asia) is the bedrock of global power competition. Despite the unfavorable political and trade circumstances, the trade potential with India is estimated at $37 billion among the neighboring countries. The current formal bilateral trade with Islamic neighbor Iran has a volume of $2.3 billion with an ambitious target of $5 billion as a five-year trade cooperation plan from 2023 to 2028. As a way forward, the study suggested ways to increase of cooperation of the regional countries by promoting the culture and history. In this regard, free trade agreements(FTAs) can be realized to begin economic and trading integration in the region.

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Author Biographies

  • Zubair Nawaz, Federal Board of Revenue, Islamabad

    Inland Revenue, Federal Board of Revenue, Islamabad, Pakistan. Email: zubairglotar5@gmail.com

  • Muhammad Mohsin, Govt. Sadiq Egerton Graduate College, Bahawalpur

    Department of Geography, Govt. Sadiq Egerton Graduate College, Bahawalpur, Pakistan.

    Email: mohsinshahzad10@yahoo.com  

  • Muhammad Naeem, University of Chinese Academy of Sciences, Beijing, China

    Institute of Geographic Sciences and Natural Resources Research, University of Chinese Academy of Sciences, Beijing, China. Email: mnaeem2022@igsnrr.ac.cn

  • Kiran Mushtaq, Beijing Normal University, Beijing, China

    School of Journalism and Communication, Beijing Normal University, Beijing, China.

    Email: kirannaeem51@gmail.com

  • Muhammad Atif Nazeer, The Islamia University of Bahawalpur, Bahawalpur

    Department of Geography, The Islamia University of Bahawalpur, Bahawalpur, Pakistan

    Email: atifnazeer012@gmail.com

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Published

2024-06-01

How to Cite

Pakistan’s Economic and Trade Potential in Regional and Global Power Shifts: A Way Forward. (2024). Journal of Asian Development Studies, 13(2), 623-635. https://doi.org/10.62345/jads.2024.13.2.50

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