Over the last two decades, there has been a drastic change in the world export markets where the focus has shifted from the traditional western countries to new emerging markets in Africa, Asia, Central Asia, China and India. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) vice president and regional chairman Ch Arfan Yousaf expressed these views while talking to a delegation of Bahawalpur Chamber of Commerce & Industry (BCCI) here at the FPCCI Regional Office on Monday.
Making trade between economies easier is increasingly important for business. Excessive document requirements, burdensome customs procedures, inefficient port operations and inadequate infrastructure and extra-ordinary delays in release of refunds all lead to additional costs and delays for exporters. Arfan Yousaf emphasized upon improving the various areas of ease of doing business including improvement in business environment. Pakistan ranks at 147 out of 190 countries in stated index whereas it ranks at the tail at 171 in cross border trading indicates that war footing policy measures are required for attracting global capital particularly in our export sectors.
He was concerned that despite the World Bank forecasted 5.5 percent growth in fiscal year 2017-18 while economy is facing the reduction in exports and pressure of external debt and liabilities. Arfan opined that the development of Pakistan economy is subject to efficiency of agricultural sector; the agro-based commodities are traditional goods to contribute in exports of Pakistan.
The value addition in this regards is primary element to enhance exportable surplus.
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