Lahore: Pakistan’s exports are jeopardizing from last 3 to 4 years and fallen from US $ 25 billion to US $ 20 billion first time in the history, our imports US $ 52 billion leading trade deficit to US$ 32 billion during 2016-17. Drastic steps should be taken to fight against increasing Trade deficit. Trade agreements FTAs, PTAs and CPEC Projects should be equally fruitful for Pakistani businessmen. The FTA signed with China and Malaysia should be revised as they have increased our trade deficit said by Ch. ArfanYousaf, Vice President and Regional Chairman FPCCI during a Consultative Session jointly organized on Strategic Trade Policy Framework (STPF) 2018-23 by Commerce Division, Ministry of Commerce & Textile, Government of Pakistan and USAID Pakistan Regional Economic Integration Activity (PREIA) here on Lahore.
Ch. ArfanYousaf highlighted burdensome import procedure, corruption at the border, inappropriate telecommunication, weak infrastructure, access to finance, inappropriate production technology &skill, fulfilling of technical requirement and standards abroad, difficulties in meeting quality/quantity requirements of buyers at competitive price are the most of the factors causing increase in trade deficit. He said tariff and non-tariff barriers should be listed and focused.
FPCCI Regional Chairman was concern about GSP Plus status and said Pakistan has succeeded in getting ‘GSP Plus’ status but its imported to cultivate its benefits. He further added efforts should be made for identifying potential markets and buyers.