Pakistan has entered into the global halal market arena quite late, and that is why it is still a small player. At the moment, the national share in total halal exports is close to 5 percent of the world trade. According to the Thomson Reuters report, the aggregate Islamic economy stood at 9.5 percent in 2013 and will grow 10.8 percent annually through 2019 when it is expected to reach $3.7 trillion. This forms the potential core market for halal food and lifestyle sectors.
That’s why the Pakistan Business Council (PBC) has recently proposed to develop a coherent institutional framework for halal food standards.
At a round-table talks on the “Harmonization of Food and Halal Standards”, it suggested to establish a national food safety board in order to streamline the formulation of standards, to develop conformity assessments, and to define the enforcement responsibilities and registration processes nationwide.
Moreover, Pakistan has developed strong relations with the UAE and Saudi Arabia. The UAE and Saudi Arabia are set to significantly expand their investment in a wide range of sectors and grow trade with Pakistan. These measures will help boost Pakistan's economy in various sectors.
High-level negotiations have been held by the top leadership of the UAE, Saudi Arabia and Pakistan.
All three countries are now drawing up their final plans concerning opportunities in various economic sectors, in order for Pakistan to enlarge its exports such as signing preferential trade agreements and official approval to export cost-competitive Pakistani products to the UAE and Saudi Arabia.