Emerging Trends in International Business and Trade: Need for a Paradigm Shift for Pakistani Trade Bodies

Abstract

The article aims to highlight the role of trade bodies and associations in contributing to economic growth of Pakistan. The economy of Pakistan has shown a downward trend for last couple of decades. However, according to an analysis by the global financial institutions, Pakistan is a promising economy, one of 22 that might lead the economic growth in the 21st century. Moreover, the economy has seen a shift from being dependent on the agriculture to the industrial. Globalization of the worked trade has further necessitated a change in the role of trade bodies of the country. The private sector and trade bodies of Pakistan must not ignore their responsibility in this regard, because they are the ultimate beneficiaries of the economic growth. This article presents a literature review on the given issue and argues that now trade bodies and trade associations must play the role of economic catalysts by contributing to employment generation, participating in national exchequer and more importantly, by expanding their role in social, political, cultural and ideological development through research.