ISLAMABAD: Islamabad Chamber of Small Traders 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 FTAs while FBR is facing losses amounting to Rs 40 billion per annum is shape of lost revenue due to these controversial deals, it said.
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, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.
In a statement issued here Thursday, he said that trade deficit with China has swelled to USD 12 billion but nothing has been done to safeguard interests of Pakistan.
Shahid Rasheed Butt said that government should stop rushing into signing FTAs as these have not helped country gain something but damaged our economy.
He said that deals with Malaysia, Sri Lanka and Indonesia proved useless therefore government should think twice before entering into trade deal with Turkey, Thailand, Korea and other countries. He said that unending enthusiasm of incompetent officers for signing trade agreements has taken tool on industrial and agricultural sectors.
Government should not ignore concerns of private sector during negotiating trade deals as the officials involved in negotiations have failed to safeguard country’s business interest which must be investigated, he demanded.
FTA with the friendly country would trigger imports widening budget deficit while exports would show a negligible increase.
