Federal Commerce Minister Amin Fahim has said that hectic talks are on to win Free Trade Agreements with the United States and other countries, while the government is optimistic about the positive outcome in near future. Because of the ongoing economic recession all over the world, free trade agreements have become more vital for a country to get out of the economic pressure.
"Keeping in view the importance of such agreements, our government is using both business and diplomatic channels to finalise trade agreements with developed countries," he said at the Lahore Chamber of Commerce and Industry here on Saturday. About the EU trade concessions he said that the European Union did not consult Pakistan government while finalising the list of items granted free market access. He, however, made it clear that the stakeholders'' participation would be ensured in all trade related international agreements.
Regarding the sugar crisis, the Minister said that it was easy to level allegation against each other while the fact was that the Punjab government only lifted 23,000 tons of sugar out of its allocated quota of 50,000 tons. Similarly, Sindh government lifted only 6,000 tons of sugar out of its allocated quota of 17,000 tons, he added.
He said that Trading Corporation has no role in checking prices and it has no authority to conduct raids on sugar godowns. Rather the provincial governments are responsible to check hoarding within their jurisdiction. He said the Trading Corporation only provides sugar to army and utility stores. As far as supply to the open market is concerned, it is possible under the guidance/instructions of the Economic Co-ordination Committee.
The Minister asked the Lahore Chamber of Commerce and Industry to forward its proposals and practicable suggestions for trade policy to the government so that the same could be incorporated in the upcoming Trade Policy. He said that a number of hurdles in the way of economic growth had already been identified and would be removed with consultation with business community.
Fahim said that the government would consider allowing import of cotton seed from India to enhance per acre yield, as agriculture sector, particularly cotton belt, is a major victim of recent devastating floods. The agriculture yield in Pakistan is the lowest in the region and the government is quite conscious on this issue. The government also attaches priority to agriculture sector and will take all possible measure to enhance per acre yield. "We are also pursuing the farmers'' education and transfer of technology so as to enable the agriculture sector to play its key role in economic development," he added.
LCCI President Shahzad Ali called for immediate and sector-specific measures for the economic revival of the country. LCCI senior vice president Muhammad Arshad, and former presidents Alam Monnoo, Mohsin Raza Bukhari, Mohammad Asif, and Muzaffar Ali also spoke on the occasion.