Business community calls for renewing direct trade with India
With the country facing a myriad of economic challenges, a segment of the business community of the country has suggested resuming direct trade with neighboring India to ease issues cost of imports of critical goods.
This was suggested by Lahore Chamber of Commerce and Industry (LCCI) President Kashif Anwar during a webinar on “Challenges Facing Pakistan’s Economy – Private Sector’s Perspectives,” organized by the Sustainable Development Policy Institute.
Anwar stated that the re-establishment of direct trade with India would help to reduce the cost of imported raw materials for the country’s industries.
Anwar also emphasized the importance of adopting a charter of economy to design and guide long-term policy, as well as short-term policy interventions, in order to address the current economic crisis.
He further highlighted the need for the government to prioritize increasing exports and reducing imports, by industrial substitution of import items to meet market demand and preventing disruption of supply chains.
The LCCI chief also urged the government to take into account the input of private sector and civil society organizations in the financial bill to improve the economic outlook of the country.
Dr Vaqar Ahmed, Joint Executive Director of the Sustainable Development Policy Institute, also spoke at the webinar, emphasizing the need for policy makers to deliberate and initiate a host of short and long-term measures to stabilize the macro-economic situation and address structural issues identified by the International Monetary Fund.
This call for re-establishment of direct trade with India comes as Pakistan continues to face economic challenges and a lack of alternative raw materials for its industries.
The business community sees this move as a potential solution to reduce import costs and strengthen the country’s economy.