Chamber Of Commerce And Industry Urges Government To Revisit Trade Agreements
The Federation of Pakistan Chambers of Commerce and Industry on the 24th of August urged the government to revisit the free and preferential trade agreements, which are heavily in favour of partner countries.
The President of the Chambers of Commerce and Industry, in a statement, pointed out that even though the Chamber supports bilateral trade agreements with different countries and regional blocs, it strongly believes that they should be based on mutual benefit and must uphold the country’s economic interests.
The apex body of trade blamed the current foreign trade agreements and preferential trade agreements for swelling the country’s import bill by three hundred (300) per cent in the last three (3) years and putting an unbearable burden on foreign reserves.
The President also warned that decreasing exports and widening trade deficit would not be sustainable in the long run. He urged for immediate corrective measures in order to save the economy from any debacle.
Due to the prevailing foreign trade agreements and preferential trade agreements, foreign goods have swamped local markets and simultaneously liquidated and shut down many local industries producing similar products.
The government has been urged to renegotiate these agreements as soon as possible with partner countries to balance and remove factors that have an adverse impact on the trade and industry of the country.