PFC Chief Calls For Strengthening Bilateral Trade To Reduce Pakistan's Trade Deficit

(@FahadShabbir)

PFC chief calls for strengthening bilateral trade to reduce Pakistan's trade deficit

LAHORE, (UrduPoint / Pakistan Point News - 27th Oct, 2024) Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq

has emphasised that Pakistan needs to focus on promoting balanced bilateral

trade relations with regional countries to narrow down its growing trade deficit

by boosting exports.

Speaking at a seminar on “How Pakistan can narrow down its trade deficit”,

here on Sunday, he said a balanced trade approach would involve strengthening

economic ties with neighboring countries China, India, Afghanistan, Iran, and

Central Asian states as this strategy can offer mutual benefits, leveraging each

country's unique resources and industries to create a fair exchange of goods

and services. By reducing reliance on any single market, Pakistan could mitigate

risks and enhance its economic resilience.

He said balanced bilateral trade would also promote economic growth by stimulating

local industries, and increasing foreign exchange earnings besides creating ample jobs.

Pakistan’s trade deficit is a complex issue, but by diversifying trade partners within

the region, focusing on high-value exports, and adopting pro-trade policies, Pakistan

can work towards a more balanced trade environment.

These steps could significantly

contribute to reducing the trade deficit and enhancing overall economic stability in the

region, he added.

Mian Kashif said enhancing trade with regional countries would involve reducing tariffs,

simplifying customs procedures, and establishing joint trade committees to streamline

communication.

He said China is Pakistan’s largest trading partner, but the trade heavily favors Chinese

exports. By promoting the export of Pakistani goods like textiles, agricultural products,

and minerals to China, Pakistan could better balance this relationship. Similarly, stronger

trade links with Afghanistan and Central Asia could help Pakistan access new markets

for its goods and services, particularly given the geographical proximity and shared

cultural ties, he concluded.