LAHORE: Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) Wednesday conveyed its serious reservations to the federal government on inclusion of the auto sector in Pakistan-Thailand Free Trade Agreement (FTA).
In a letter addressed to the ministry of commerce secretary, Paapam said, “We, the Auto Parts Manufacturers (APMs), are deeply perturbed by the ongoing negotiations between the governments of Pakistan and Thailand for concluding a free trade agreement between both countries.”
It stated that Pakistan’s automobile sector was governed by the Automotive Development Plan 2016-2021 (ADP), which was announced by the government on March 21, 2016. ADP is an auto specific policy that lays down the pillars of growth in the auto sector for the next five years.
The letter said that as a consequence of the current auto policy, an increased activity in OEM / assembling sector was evident. “Existing assemblers are preparing to launch their new models and vehicles in 2017, 2018 and 2019, while several global manufacturers have already announced their entry in the Pakistan auto sector, such as Renault, Hyundai, Kia, FAW, and other Chinese automobile manufacturers.”
Regretting the inclusion of auto parts in the FTA with Thailand, Paapam letter said it would jeopardise the future of the over three million people employed by the sector. New entrants would shy away, as it would be a sign of an unstable government policy.
KARACHI: FINCA Microfinance Bank Limited has announced collaboration with CIRCLE Women for women economic empowerment...
KARACHI: Meezan Bank Limited has surpassed $1.5 billion in deposit inflows under Roshan Digital Account , a statement...
KARACHI: Gold prices in the local market increased by Rs700/tola on Friday following an increase in the international...
KARACHI: The rupee ended slightly weaker on Friday amid an increased dollar demand from importers and a decline in...
ISLAMABAD: All Pakistan Textile Mills Association raised alarm over a downturn in the textile exports on Friday,...
LAHORE: Inability to control spiraling inflation has forced Pakistani planners to raise interest rates to reduce money...