The president of the Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain, has asked the government to reconsider its liberal import policy which has resulted in wastage of precious foreign exchange and record trade deficit. The liberal import regime is against national interests because it results in the flow of foreign exchange to other countries. Therefore, the import of hundreds of unnecessary items should be restricted, he said.
Mian Zahid Hussain said that import of machinery for CPEC is also widening the trade deficit, but it is necessary for the future of country. But unnecessary imports should be banned. Pakistan is importing fruits and vegetables worth over $2.6 billion per annum, which is more than the money spent on the import of palm oil, which is necessary, while imported milk, yogurt, butter and fish can be seen on almost all major stores, he said.
Similarly, import of vehicles, worth $2 billion annually, can be controlled if local manufacturers are forced to make quality cars and sell them at reasonable prices. He said that there is no justification for import of products like cigarettes, cosmetics, perfumery, clothes and shoes on such a large scale.
During 2014, 2015 and 2016, Pakistan's exports were 25.1, 23.7 and 20.8 billion dollars, while its imports were as high as 45.1, 45.8 and 44.7 billion dollars. He said the country saved $16 billion on account of lower oil prices and remittances in three years, but imports were not controlled, with the result that nothing could be achieved and the benefits went to the importers. Otherwise, Pakistan would not have been facing such a huge deficit, he added.
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