Karachi: Federal Minister for Commerce Jam Kamal Khan assured on behalf of the Ministry of Commerce and the Government of Pakistan that the current government is prioritizing the resolution of issues faced by the business community. He emphasized that good times are ahead, and the country’s economy is steadily strengthening. There are strong indications that Pakistan’s share in global trade will increase. The free trade agreements (FTAs) made in the past were not in the national interest and resulted in losses rather than benefits for Pakistan. The government is working on a mission to promote the economy and ease of doing business under the Prime Minister’s vision.
In a meeting with Zubair Tufail, former President of FPCCI and President of United Business Group (UBG), the Minister of Commerce stated that the survival of Pakistan’s economy is directly linked to the performance of the Ministry of Commerce and the Chambers of Commerce. Officers appointed on overseas trade missions have been specifically assigned to promote the country’s trade and economy, and their performance is being continuously reviewed.
UBG President Zubair Tufail said that the government signed free trade agreements with Sri Lanka, Malaysia, and China, but those agreements benefitted the respective countries rather than Pakistan. He stressed that future FTAs with any country should incorporate the business community’s suggestions to increase exports. He also pointed out that China imports meat from several countries but purchases a minimal amount from Pakistan. Therefore, the government should negotiate with China to increase meat imports from Pakistan.
Zubair Tufail mentioned that an FTA between Pakistan and Turkey would soon be signed, but Pakistan is currently facing challenges in trade with Turkey due to a 25% duty. Additionally, an FTA with Thailand is expected to be signed soon, but the government should prioritize Pakistan’s interests before finalizing the agreement.
He informed the Minister of Commerce that bulk chemicals are imported through Port Qasim, and the contract is given to Engro, which charges a 25% revenue. In contrast, importing through Karachi Port costs only $5, with an additional $3 to transport goods from Karachi Port to Port Qasim. He urged the government not to renew Engro’s contract in March 2025 and instead award it to another company to benefit local industries.
Furthermore, Zubair Tufail suggested that the government should export mineral reserves from Balochistan and capitalize on the potential of Gwadar Port to eliminate Pakistan’s reliance on the IMF.