‘Trade with regional states play a key role in boosting exports’

LAHORE: The President SAARC Chamber of Commerce and Industry Iftikhar Ali Malik on Sunday emphasized that trade with regional states can play vital role in boosting exports besides strengthening regional economic integration and connectivity.

While talking to a delegation of industrialists led by CEO IT professionals Mian Faiz Bukhsh here on Sunday he said that private sector of Pakistan must fully exploit its potentials to maximum extent to explore investments avenues for joint ventures and exports in all the regional states which he added will not only enhance exports but also bring economic prosperity in the region. He said unfortunately all other regional states except Pakistan are taking full advantage of promotion of bilateral and multilateral trade that help stabilizing their economies besides improving economic growth and cooperation.

Expressing his concern, he said Pakistan’s regional trade deficit has further yawned instead of increasing its volume. Quoting official figures, he said exports from nine regional countries reduced to 16.97% (US$4bn deficit) which reflects abysmal state of affairs which he added warranted immediate focus of all those who are at the helm of affairs to provide attractive packages of incentives, opportunities and facilities to exporters under one window.

Iftikhar Ali Malik said ample barter trade in local currency can also equally effectively neutralize and minimize pressure on Pakistan rupees. He said Pakistan can comfortably at least exports upto US$50bn all over the world including nine regional states which included China, Afghanistan, Iran, Bangladesh, Sri Lanka, India, Nepal, Bhutan and Maldives.

He said no one can rule out the vital significance of broadening regional trade to speed up exports and he called upon the government to take immediate measures to focus on increasing intra regional trade on the classic pattern of ECO and D-8. He said government must constitute a constitutionally powerful high level committee comprising all stakeholders with clear mandate studded with consistent economic policies for boosting exports and to do with away all hurdles in smooth flow of exports.

Copyright Business Recorder, 2023