HYDERABAD: President, Hyderabad Chamber of Small Traders & Small Industry, Muhammad Farooq Shaikhani, has emphasized the need to bolster Pakistan’s border trade to enhance economic stability and growth.
He advocates for increasing trade with neighboring countries Iran, India, and Afghanistan. By facilitating exchanges in local currencies Shaikhani believes that trade costs will decrease significantly, and Pakistan’s foreign exchange reserves will benefit positively. This strategic move aims to strengthen economic ties and streamline cross-border trade operations.
He has highlighted the vast trade potential for Pakistan with neighboring countries Iran, India and Afghanistan. He believes that enhancing border trade with these nations could significantly boost the economies of all four countries.
He noted that importing affordable gas and electricity from Iran could address Pakistan’s energy needs, while Pakistan could export valuable agricultural products like rice, wheat and fruits to Iran.
Furthermore, trade with India presents opportunities for Pakistan to export cement, cotton and agricultural goods, while importing machinery, medicine and technology. Similarly, trade with Afghanistan offers promising prospects; Pakistani products such as medicines, textiles and foodstuffs could be exported and dry fruits and minerals imported from Afghanistan. This strategic approach could foster economic growth and strengthen regional trade relationships.
He has called on the government to implement practical measures to enhance trade relations with Iran, India and Afghanistan. He emphasized the need to improve facilities at border check posts and to organize and strengthen the border trade system to promote legal commerce.
Shaikhani drew a parallel with the European Union, where the adoption of a common currency (Euro) has not only facilitated trade but also contributed to economic stability. He urged that Pakistan should similarly increase the use of local currencies in trade with Iran, India, and Afghanistan. This approach, he believes will not only bolster trade relations but also support the strengthening of regional economies.
Chamber President has underscored the urgent need for stringent measures to combat trafficking and illegal trade. He stressed that addressing these issues is crucial for not only benefiting the national economy but also enhancing the volume of legal trade, which can help reduce Pakistan’s trade deficit.
Shaikhani asserted that improving trade relations with Iran, India and Afghanistan, combined with effective measures against smuggling, will provide economic stability and create valuable employment opportunities for the Pakistani workforce. These efforts are vital for fostering a robust and resilient economy.
Copyright Business Recorder, 2024