ISLAMABAD (INP): Islamabad Chamber of Small Traders (ICST) on Thursday said various trade agreements inked with friendly countries have damaged economy and hit revenue collection.
The economy is facing losses to the tune of billions due to different Free Trade Agreements (FTAs), while FBR is facing losses amounting to Rs40 billion per annum due to these controversial deals, said ICST Patron Shahid Rasheed Butt.
The trade deals should be reviewed in the national interest while the on-going trade negotiations should be suspended to get the feedback of the business community, he added. He said that trade deficit with China has swelled to $12 billion but nothing has been done to safeguard interests of the country. He said that the government should stop rushing into signing FTAs as these have not helped the country gain something but damaged the economy. He said that deals with Malaysia, Sri Lanka and Indonesia proved useless, therefore the government should think twice before entering into trade deal with Turkey, Thailand, Korea and other countries.
