PFC Chief Calls For Strengthening Bilateral Trade To Reduce Pakistan's Trade Deficit
Fahad Shabbir (@FahadShabbir) Published October 27, 2024 | 12:40 PM
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.
Related Topics
Recent Stories
75 Years of Greener Together - Denmark and Pakistan Celebrate Diplomatic Milesto ..
Palestinian President Mahmoud Abbas urges suspension of Israel's UN membership
PM says, he strongly condemned Israel’s atrocities
German president steps in amid vote date deadlock
Standing Committee on interior calls for action on Law and Order, Legislative Pr ..
Flood fears as Ukraine says Russian strike damages dam
CGS Lt Gen Muhammad Avais meets Commander PLA Gen Li Qiaoming
PM leaves for Azerbaijan to participate in Climate Action Summit
'Tired' Alcaraz beaten by Ruud in ATP Finals opener
Stocks and dollar climb, bitcoin hits record high
Pakistan-U.S. Tech Investment Conference yields initial commitment of $20 millio ..
Standing Committee on Narcotics Control addresses rising drug abuse and cross-bo ..
More Stories From Pakistan
-
Negotiations being made with IPPs to provide relief to people: Leghari
44 minutes ago -
75 Years of Greener Together - Denmark and Pakistan Celebrate Diplomatic Milestone and Green Partner ..
49 minutes ago -
PM says, he strongly condemned Israel’s atrocities
58 minutes ago -
Standing Committee on interior calls for action on Law and Order, Legislative Progress and administr ..
58 minutes ago -
CGS Lt Gen Muhammad Avais meets Commander PLA Gen Li Qiaoming
58 minutes ago -
PM leaves for Azerbaijan to participate in Climate Action Summit
1 hour ago
-
Standing Committee on Narcotics Control addresses rising drug abuse and cross-border trafficking
2 hours ago -
Danish company Maersk line to invest USD 2bln in Pakistan's maritime sector: Qaiser Ahmed
3 hours ago -
St. Patrick’s School commemorates Iqbal Day with passion & pride
3 hours ago -
Traders welcome announcement to lower electricity prices
3 hours ago -
Robber killed in encounter
4 hours ago -
Artisans enthralled audience at "Punjab Folk Night"
4 hours ago