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ISLAMABAD, Apr 28 (APP):President, Federation Pakistan Chamber of Commerce and Industry (FPCCI) on Monday said that United States is Pakistan’s largest trading partner and imposing a 29 percent tariff on Pakistani products will have a profound impact on the country’s exports.
The Pakistani government is formulating economic policies to increase exports, and trade relations between Pakistan and US have been increasing for the last 70 years, the President, Federation Pakistan Chamber of Commerce and Industry (FPCCI) told APP here.
The US government is requested to reconsider the decision in the interest of both countries, he said.
Meanwhile, questioning the current revenue situation, he said that Pakistan has a low number of taxpayers, and bringing the informal economy into the formal sector is necessary to widen the tax net.
Enforcing strict laws and ensuring transparency will increase public confidence and improve tax compliance, he said.
The President of FPCCI said the industrial sector requires further promotion, with a focus on textiles, agriculture, and information technology.
He said that producing high-quality goods that meet international standards will enhance exports in a competitive global market, including the USA.
Additionally, Pakistan should explore new markets, particularly in Africa, Central Asia, and Europe, by mobilizing trade missions and implementing an incentive-based system, he said.
Question on reducing import dependence, he said promoting local industries can reduce reliance on imports and create employment opportunities and strengthening domestic manufacturing can help balance trade.
He said the government should support small and medium-sized enterprises through financial incentives, tax exemptions, and easy access to loans.
Atif said that addressing the energy crisis requires a focus on renewable energy sources such as solar, wind, and hydro-power.
Question on Privatisation, he said the private sector is generally more efficient and profitable and Privatization of government institutions can reduce state expenditure and attract foreign investment, strengthening foreign exchange reserves.
He said that economic development requires an improved education system, with a particular focus on technical and vocational training and skill-development programs should be introduced to enhance youth employability, directly benefiting the economy.
He said that technical education equips students with practical skills for industries, businesses, and other sectors.
He suggested that increasing agricultural production through modern techniques can boost exports.
The agricultural sector is a key pillar of the economy, and innovation in this field can help Pakistan achieve its development goals, he said
For implementing long-term economic policies, he said that Sustainable economic growth requires well-planned long-term policies and their consistent implementation.
Along with economic reforms, poverty alleviation measures should be undertaken, including improvements in healthcare and education to enhance public welfare, he said.