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LAHORE, Dec 28 (APP):Federal Tax Ombudsman (FTO) Coordinator Saif-ur-Rehman has said regional economic cooperation is no longer an option but a necessity for long-term economic stability and shared prosperity.
Talking to a traders delegation here Sunday, he said, Pakistan must adopt a proactive and pragmatic trade policy to strengthen economic ties with neighboring and regional economies.
The Coordinator urged the government to narrow down trade deficit with regional countries by offering a comprehensive package of incentives aimed at promoting economic integration.
He cited that trade with Afghanistan, China, Bangladesh, Sri Lanka, Iran, Nepal, Bhutan and Maldives has dipped 17.05 percent to USD 1.635 billion during the last five months. He emphasized that enhanced regional trade, supported by targeted incentives, could significantly reduce the trade imbalance while boosting industrial growth and export competitiveness.
Highlighting Pakistan’s strategic geographical location, he said the country could emerge as a regional trade and transit hub if trade facilitation measures were aligned with regional economic realities. He stressed that stronger economic integration would not only help conserve foreign exchange reserves but also generate employment, enhance productivity and stabilize the national economy.
Saif-ur-Rehman said, the proposed incentive package should include preferential tariffs, simplified customs procedures, reduced non-tariff barriers, and improved logistics and connectivity. Promoting cross-border investment would further facilitate trade flows and build mutual trust among regional partners, he concluded.