Karachi, February 22, 2019 (PPI-OT): Engr. Daroo Khan Achakzai, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed his serious concern and anxiety over the critical situation prevailing between India and Pakistan. He said that the current situation has not only jeopardized the business activities between the two countries but it will also lead trust deficit, which was the largest hurdle in improving the bilateral relations during the past decades. He stated that the imposing of 200 percent duty on goods import from Pakistan by India is to discourage Pakistan’s export to India which stood at US$ 358.12 million in FY18.
He urged the government to take similar or equal measures to reduce imports from India which is approximately US$ 1.8 billion in 2018 in the better interest of Pakistan. He stated that Pakistan is currently importing raw material for several industries and vegetables from India and the imports of these goods could be possible from other nations.
He said that the business community of both countries was very much keen to establish strong and significant relations but impediments created by India like visa issues, non-participation in commercial activities and weak interaction between private sector has created trust deficit among the nations. He further stated that getting back of Most Favoured Nation (MFN) does not affect us as Pakistan didn’t give this status to India due to Kashmir issue.
President FPCCI urged the government of both countries to develop and implement suitable mechanisms to ensure steady communication between the concerned authorities on important issues in order to normalize the relations so that the progress, prosperity and the economic development of the South Asia region could continue wherein there is high unemployment and poverty. He was also of opinion that the people of both the countries can’t afford any more unpleasant situation as both nations are currently nuclear power and had borne huge losses.
Engr. Daroo Khan Achakzai further stated that the process of normalization of relations between Pakistan and India must go ahead in order to establish long-lasting peace and stability in the region. He added that the recent tension provides an opportunity to propagate for reversal of all those measures taken in past and if recent tension doesn’t confiscate on time then the movement of goods through indirect channels or third countries increases and also invite cross border smuggling. He said that the normalization of bilateral trade will also stabilize the prices of the consumer goods prices in both nations.
For more information, contact:
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Category: General Business News