LAHORE: Pakistan and India has bright future for enhancing bilateral trade. Nevertheless, the government is vigilant of the fact that local industry should not suffer consequently in the wake of normalizing trade ties with neighboring India.
This was stated by Chief Executive Officerof Trade Development Authority of Pakistan (TDAP) S M Muneer while exclusively talking to Customs Today. He also said that efforts were underway to double exports of the country by touching the desired mark of $50 billion over the medium term.
It is relevant to mention here that Islamabad’s political leadership had decided to halt the process of normalizing trade relations with India till completion of political transition in New Delhi on account of ongoing elections.
“We need to work hard to capture India’s huge market besides we also need to open other borders for mutual trade in order to reduce pressure at the Wagha border,” SM Muneer said, adding that the trade between the two countries will start competition in the region and ultimately the fittest will survive.
Muneer said that TDAP was being put back on track through strict reforms and serious efforts were being made to achieve $50 billion export target in the coming years. Efforts were being put in place to make the TDAP a world class organization to facilitate the business community.
He added that government was in process of bringing positive changes in rules and business environment to enhance the export in collaboration with the industry. He, however, urged business community to bring their TDAP related issues into his knowledge directly.
Commenting on the free trade agreements (FTAs), he said that such agreements had problems regarding fixation of tariffs and the government should take onboard the business community while finalizing further international agreements. A committee had been constituted at the TDAP with the private sectors participation to take full advantage of GSP Plus.
Meanwhile, Pakistan Carpet Manufacturers & Exporters Association demanded representation in the Board of Export Development Fund. The association’s Chairman Akhtar Nazir Cooki and Vice Chairman Kamran Razi made this demand in a meeting with S.M. Muneer during his visit to the Association’s office.
Briefing the TDAP Chief, the PCMEA office-bearers said the Authority should focus on enhancing exports to China. The carpet sector could benefit from duty-free access to EU market under GSP Plus status, if the government restored zero-rated regime for carpet industry to help ease its liquidity flow. A significant ratio of working capital of carpet exporters was already stuck in refund regime at a time when the carpet exports declined to $120 million from $300 million. TDAP CEO SM Muneer assured the association of early resolution of their problems.
