Analyst calls for bold steps to restore trade with neighbours

FAISALABAD: Regional trade is prerequisite to drag Pakistan out of economic quagmire and in this connection the government must take immediate and bold steps to restore bilateral trade with all neighbouring countries including India and Iran, said Arif Ihsan Malik former central chairman APBUMA.

Addressing a meeting, he said that the buying power of America and Europe is declining with the global meltdown and hence we must explore new and non-traditional markets to maintain the export volume.

He said that our economic fragility is perpetrated as we failed to promote bilateral trade with the neighboring countries and hence the private sector must raise its voice against this glaring anomaly which is also promoting cross border smuggling.

Arif Ihsan Malik said that we must take economic decisions strictly in order to protect our national interests instead of bowing down before the foreign pressure. He said that the government should also focus on restoring peace in Afghanistan so that we could start trade with landlocked Central Asian States to enhance our overall trade volume.

He also stressed the need to explore the markets of far eastern countries. “Currently these some of these countries have imposed 20-30% duties on Pakistani products”, he said, adding that it is due to the reason that we are not a member of the ASEAN block. Continuing, he said that India and Vietnam are not members of this block but they are enjoying preferential trade facilities as their governments have inked different agreements. On the similar pattern Pakistan should also negotiate and get maximum facilities for the export to these countries.

Arif Ihsan Malik also underlined the importance of recycled products at the global level and said that Pakistan’s cottage industry was manufacturing a wide range of recycled products but they lacked certification and other facilities to export these products. He said that the government must facilitate them so that overall exports could be further enhanced.

Arif Ihsan Malik said that the scope of policy making at the FCCI level must be enhanced by involving competent and intellectual businessmen belonging to different sectors of the economy.

He was critical of dirty politics and said that the economy has been put at the stake of political interest. He also condemned the propaganda to foment uncertainty in the country and said that ups and downs in business is a common phenomenon but closure of some units is exploited by giving an impression that the entire industry was going to collapse. He said that this trend should be brought to an end so that domestic and foreign investors could launch new ventures in Pakistan.

Copyright Business Recorder, 2023