FPCCI demands restoration of normal trade with Afghanistan

FPCCI demands restoration of normal trade with Afghanistan

Staff Report

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday demanded of the government to restore normal trade with Afghanistan.
In a statement, FPCCI president Mian Nasser Hyatt Maggo demanded that the government should immediately facilitate the restoration of normal trade practices and trade volumes with Afghanistan; which usually has been $1.5 to $2 billion per year during the past few years. He was expressing concerns over the loss of precious export earnings and losing it to other regional and international competing countries, while urging that the solution to the issue should also facilitate the Afghan trade through Pakistan to earn the much needed revenues in foreign exchange.
The mandatory condition of trade in dollars is proving to be a major bottleneck in the bilateral trade and it has come to a halt; and, Pakistani exporters are suffering huge financial losses, he said, demanding the government to allow trade on deferred payment, terms as deemed fit by the trading parties. Balochistan FPCCI Vice President Nasir Khan proposed that either the government should allow trade with Afghanistan in Pakistani rupees or allow it on the basis of barter trade, while emphasising the need to have border markets with Afghanistan in the vast contiguous border areas of Pakistan and Afghanistan. FPCCI President added that the body has apprised the minister of finance and revenue, minister of commerce and production and the State bank of Pakistan (SBP) of the incrementally-worsening situation vis-à-vis exports to Afghanistan over the past many months; but, no measures have been taken to protect the trading community of the country.