LAHORE: The Pakistan’s most of Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) signed with various countries, with exception of few, are not in favor of local industry, as they are inked without taking the real stakeholders of trade and industry onboard.

These views were expressed by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) president Nasir Hayat Maggo and Businessmen Panel Chairman Mian Anjum Nisar during a dinner reception hosted in honor of FPCCI and BMP leadership. The reception was also attended by the business community’s representatives from across the country.

The FPCCI President said that the government has been suffering a revenue loss of billions of rupees due to FTAs and PTAs, urging the authorities to always consult the apex trade body of FPCCI before finalizing any business treaty with any country. Nasir Maggon said that the leadership of FPCCI and BMP were in touch with the federal and provincial ministers to resolve the problems of the business community. And despite the business closures due to Covid-19, the FPCCI has been raising its constant voice at every forum for the cause of trade and industry’s promotion.

FPCCI’s Businessmen Panel Chairman Mian Anjum Nisar said the government should redesign the FTAs and PTAs with a view to promote the domestic industry, suggesting that Pakistan should have entered into FTAs and PTAs with only those countries where it had a clear and mutual competitive advantage. He said the concerned stakeholders should also be taken on board while framing the recommendations in that regard.

Mian Anjum Nisar suggested the government to devise a strategy in the light of impact on domestic industry, convincing other countries to liberalize their import policy by reducing tariff lines and easing sensitive list for Pakistan merchandise. He suggested that Pakistan should have entered into FTAs and PTAs with only those countries where it had a clear and mutual competitive advantage.

The BMP Chairman asked the government to prioritize agriculture sector in its economic planning to avert shortages of essential goods and industrial inputs.

Copyright Business Recorder, 2021