Business community expresses concern on FTA with China
ISLAMABAD – ‘Business community, especially local manufacturers, have expressed their concern and reservations on the free trade agreement (FTA) with China as it has been providing more benefit to China and local manufacturers are facing huge losses due to the demand of products being imported from China.
The Businessmen Panel of the FPCCI, in a statement issued Friday, said FTA with China is against the interests of Pakistan and local business community as it is causing massive losses to limping economy of Pakistan.
The business community is of the view that trade deal was tilted towards China from the very beginning and all the attempts of the government to make any balance in this trade have filed and the Pakistani manufacturers and especially small traders have been facing losses. The national economy of the country is also facing losses, the business community added.
The business community said that both the friendly countries should make necessary changes in the Pak-China FTA without delay as it has not provided any profit to Pakistan but resulted in heavy losses.
A leader of the Business Panel of the FPCCI Naseemur Rehman in a statement said after the FTA Chinese exports have jumped from 3.5 billion dollars to over 16 billion dollars making China the biggest trading partner of Pakistan while Pakistani exports have increased slightly.
Naseemur Rehman said that since 2006-07 the trade gap has surged from 2.9 billion dollars to over $32 billion which has created problems for the business community and the economic managers while China is not ready to make any meaningful change in the deal. He said that the share of Chinese imports in the non-oil sector has surged to 36 percent which must be noticed as the share of Pakistan exports has increased insignificantly.
He said that China has signed many trade deals with other countries and blocks which has left its deal with Pakistan irrelevant, therefore the authorities should not sign any trade deal with friendly countries at the cost of local industries and local manufacturers.