‘Easier trade key to businesses’

ISLAMABAD: Over the last two decades, there has been a drastic change in the world export markets, where the focus has shifted from the traditional western countries to new emerging markets in Africa, Asia, Central Asia, China and India, an official said on Friday.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Gazanfar Bilour said that making easier trade between economies is increasingly important for businesses.

Excessive document requirements, burdensome Customs procedures, inefficient port operations and inadequate infrastructure and extraordinary delays in the release of refunds all lead to additional costs and delays for exporters, he added.

Bilour emphasised on improving various areas of ease of doing business, including improvement in business environment. Pakistan ranks 147 of the 190 countries in statics index, whereas it ranks at the tail at 171 in the cross-border trading, which indicates that concrete policy measures are required for attracting global capital, particularly in the export sector.

He expressed concern over the World Bank’s growth forecast of 5.5 percent in fiscal year 2017/18.