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Pakistan should benefit from emergency trade relaxations: FPCCI

Pakistan should benefit from emergency trade relaxations: FPCCI

KARACHI: The country should take full benefit of the relaxations under arrangement of special and emergency clauses allowed by the global trading system under World Trade Organisation, said Federation of Pakistan Chambers of Commerce and Industry Vice President Sheikh Sultan Rehman.

Speaking at a webinar on “Covid-19: Trade and Trade Related Measures”, he said that the trade and trade facilitated allowances should also be capitalised for making appropriate pressure on public sector to structure the temporary policies towards the gain economy in the present crisis generated by declining world trade due to the pandemic.

He said that successful temporary policies may eventually convert into permanent ones for time to come to conduct global trade.

Sohail Hanif, Joint Economic Adviser Ministry of Finance, said the government is endeavouring to make fiscal adjustments through the Federal Board of Revenue as well as providing budget lines for tax refunds as well as being engaged in convincing the State Bank to take appropriate measures for reducing the cost of exports and domestic commerce.

The participants included from finance, commerce ministries, Trade Development Authority of Pakistan, Applied Economic Research Center and trade bodies.