Vice President SAARC CCI and Founder Chairman Pak-US Business Council Iftikhar Ali Malik on Friday urged the government to revisit its policy with the world especially the United States and prefer trade and investment rather than banking on aid for strengthening national economy fractured in fight against terror for the more than one decade.
Giving his reaction on current stressful relationship between Pakistan and USA, Iftikhar said Pakistan now needs trade not aid as Pakistan have lost a great deal of time and money for playing frontline role in the war on terror being the friend and coalition partner of USA. "Therefore, it is now desired that USA should support Pakistan to achieve its economic prosperity and self-reliance" he added.
Being a harsh critic of continuity of the policy of dependency on aid, he is of the view that the billions of dollars in foreign assistance that Pakistan has sought since its inception in 1947 to meet its developmental needs have done more harm to the country than good. "We would like to come out from the aid syndrome, as Pakistan has all potential to get maximum share in the international trade," he said and added that both the PML-N led government and Trump government have economic agendas; therefore, there should be meaningful dialogue on trade and investment between the two countries.
He said that world should recognize the colossal sacrifices being rendered by Pakistani nation. It is unfortunate that after 9/11, Pakistan is one country that has been seriously hit by the menace of terrorism. The frightening menace of terrorism, besides multiple other critical problems like food insecurity, acute energy shortages, devastating floods, growing extremism, rampant corruption, sectarian killings and loot and plunder of national resources, shelter to millions Afghan refugees has had a terrible impact on the country's economy and immensely multiplied the miseries of the people," he added.
Highlighting the current trade between Pakistan and USA, the veteran trade leader Iftikhar Ali Malik said during 2016-17, Pakistan exported $3.6 billion worth of goods (or 17 percent of total exports) and imported goods less than a $1 billion (less than 2 percent of total imports). So, the trade account with the US is in Pakistan's favour.
"On the services side, Pakistan received 12 percent of total remittances (of $19 billion) from US. There was only a $500 million in reimbursement out of now more than $3 billion approved and due for payment under the Coalition Support Fund (CSF). CSF is not aid. It represents reimbursement for expenses already incurred, compensation for facilities made available all at America's request. The US is in default on these agreed reimbursements. As for aid, last year about $57 million were received from USAID, all for projects that lay outside government budget," he added. He said that business community in Pakistan also wanted the Trump government to consider allowing duty-free access to Pakistani merchandise in lieu of Pakistan's sacrifices in the US war against terrorism.