ISLAMABAD, Oct 13 (APP): President Islamabad Chamber of Commerce and Industry (ICCI) Sardar Yasir Ilyas Khan Tuesday said skilled human capital resources, competitive industrial sector and connection with global value chains such as China were the only way forward for Pakistan economy to get more benefits from China Pakistan Free Trade Agreement (PCFTA).
He was addressing a seminar on “Bilateral Safeguards under China- Pakistan FTA and Trade Remedial Measure,” organized by the ‘National Tariff Commission (NTC)’ here.
He said that China was a large economy and to benefit more from PC-FTA, the local industrial sector must be prepared and aware about the items and tariff lines agreed in bilateral agreement between the two sides.
Sardar Yasir said that there was further need to bring more investment from China in different sectors for industrial growth and economic turn around in the country.
He said that China Pakistan Economic Corridor (CPEC) was the biggest opportunity and infrastructural, industrial sector and Agricultural development in the country.
The president ICCI proposed that the Joint Ventures (JVs) and more contribution of local skilled and unskilled labor would not only benefit the local economy but also enhance the skill of local labor.
He said that protection of the local industry must be the priority to increasing the industrial growth for enhancing export and led towards export led-growth.
Sardar Yasir said that Pakistan had great potential to enhance agriculture productivity and the government should focus on the Agricultural sector to utilize required potential in the sector.
He said that Pakistan had a potential of worth $ 100 billion of export to enhance the value addition in the sector and also would establish the agro- industry in the country.
He said that “We need to evolve short, medium and long term strategy to set economic goals for the industrial and agriculture growth for evolving competitiveness in the local economy.
While addressing the seminar The Member National Tariff Commission, Anjum Asad Amin said that China Pakistan Free Trade Agreement (CPFTA) was a milestone in the economic history of the country for increasing the country’s exports.
She said the government prioritized protecting the local industrial sector and for this bilateral safeguards measure to be adopted in final agreement to protect the local industry.
The member NTC said that in bilateral free trade agreement China had extended and robust safeguards for next 23 years to the local industry.
Anjum Asad Amin said that both sides were also agreed for electronic data exchange inclusion to ensure the transparency mechanism in the CPFTA.
Now both of the countries can get bilateral import and export data from each other to avoid any doubtful situation, she said.
She said that now both of the sides were bound to ensure the 95 percent of electronic data exchange for mutual confidence.