Business community expresses optimism that government would also announce a package to bring down trade deficit of $19 billion

Lahore, December 21, 2015 (PPI-OT): While welcoming the approval of new three-year export policy by the Prime Minister, the business community has expressed the optimism that the government would also announce a package to bring down the trade deficit of $19 billion.

In a statement issued here, Malik Tahir Javaid, Punjab Chairman of Workers-Employers Bilateral Council of Pakistan (WEBCOP), said that the decrease in exports would not only deprive exchequer of much needed foreign exchange but it would adversely affect the entire exporting sector. He said that the other regional countries were facilitating their respective manufacturing sectors in every possible way therefore the government should also initiate consultation with the private sector to overcome their issues.

Malik Tahir Javaid said that there was a dire need to review the import list to bring it down to cope with fast widening trade deficit as if immediate measures are not taken it would nullify the impact of high remittances and sharp cut in oil prices in the international market.

The WEBCOP provincial chief said that the recently inked Turkemanistan-Afganistan-Pakistan and India (TAPI) gas pipeline project would be completed in prescribed three-year time and would not meet Pak-Iran gas pipeline project. He said that the government should also share the reasons of stopping work on multi-billion dollar gas pipeline project.

Malik Tahir Javaid said that with every passing day the demand for gas is increasing in the country therefore the TAPI Project timeline should be curtailed to two years as after the completion of China-Pakistan Economic Corridor (CPEC) the economic activity is bound to gain momentum.

He suggested to the government to announce incentives to increase the exports of other sectors including engineering and Halal products that have a huge potential all over the world. He also urged the Federal Finance Minister Ishaq Dar to resolve the issues of the trading community in the larger interests of the economy of the country.

For more information, contact:
Workers Employers Bilateral Council of Pakistan (WEBCOP)
Secretariat at Skill Development Council Karachi,
B-10, Block-5, Behind Sir Syed University, Gulshan-e-Iqbal,
Karachi, Pakistan
Tel: +92-21-34812640, +92-21-34812643
Fax: +92-21-34982678

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