Afghanistan-Pakistan Transit Trade Agreement (APTTA) is not against the interests of Pakistan and will result in increased revenue for the country by providing access to landlocked Central Asian markets. This was stated by the Secretary Commerce, Zafar Mahmood while speaking at the Overseas Investors Chamber of Commerce and Industry (OICCI) during his recent visit to hear the concerns and suggestions of its members to facilitate commerce and industry in the country.
According to OICCI press release here on Wednesday, its members highlighted key issues faced by the multinational companies in Pakistan, including circular debt, the patent issues faced by the pharmaceutical sector, cross border trade with India as well as the security situation in Karachi which members stated is disrupting the business.
The OICCI complemented Secretary Commerce on achieving record level of exports, especially for textiles and agri-based products, which have helped improve the balance of payments and foreign exchange reserves in the country.
On the matter of APTTA, Mahmood clarified that APTTA does not cover goods that are bound for Afghanistan for the International Security Assistance Force (ISAF) since this was a military agreement and the Ministry of Commerce was not involved in it. On the issue of cross-border smuggling, Mahmood stated that the government has taken up strong measures to control smuggling under the APTTA, including the imposition of duty on imports under APTTA which will only be returned once the goods safely reach Afghanistan through verification by tracking devices in transport vehicles. The Secretary appreciated the suggestions put forth by the OICCI and acknowledged its contribution towards the economy of Pakistan.-PR