FPCCI suggests strategies to benefit local industry

Lahore, July 21  (ONLINE) : The Federation of Pakistan Chambers of Commerce and Industry has urged the government to redesign the Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) with a view to promote the domestic industry of Pakistan, as the government has suffered revenue loss of over Rs. 45 billion during FY 2019-20 due to these agreements signed with different countries. Moreover, the general exemption on imports from China under this agreement has caused revenue loss of Rs 26.86 billion during this period.

FPCCI President Mian Anjum Nisar suggested that Pakistan should have entered into Free Trade Agreements and Preferential Trade Agreements with only those countries where it has a clear and mutual competitive advantage.

He recommended the government to include maximum finished goods which can be exported to China on tariff line offered by China to ASEAN countries. He demanded that the concerned stakeholders should also be taken on board while framing and finalizing the recommendations in this regard.

Referring to the data of the Federal Board of Revenue, he stated that the government has suffered revenue loss of Rs 45.020 billion during current fiscal year due to the FTAs and PTAs signed with different countries.

According to the reports, figures reveal that the general exemption on import from SAARC countries caused revenue loss of Rs 231 million during this period. The general exemption on import from SAARC countries under SAFTA Agreement has revenue impact of Rs1.602 billion. Similarly, the general exemption on import from SAARC countries under SAFTA Agreement caused revenue loss of Rs 15 million.

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