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Tuesday March 19, 2024

Pak-Afghan trade drops from $2.5 bn to $500m: SCCI

By Riaz Khan Daudzai
January 23, 2018

PESHAWAR: The business community and traders on Monday said due to the strained regional situation the volume of trade between Pakistan and Afghanistan had dropped from $2.5 billion to the alarming figure of $500 million.

They also sought a fresh financial relief package for Khyber Pakhtunkhwa. The business community asked Governor Iqbal Zafar Jhagra and the newly-elected cabinet of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) to play their roles in obtaining a relief package for the province ravaged by decades of militancy and terrorism.

Speaking at the luncheon hosted in honour of the newly-elected president of the FPCCI, Ghazanfar Bilour, and his cabinet here, Sarhad Chamber of Commerce and Industry (SCCI) President Zahidullah Shinwari apprised the Governor and FPCCI President about the problems being faced by the business community of Khyber Pakhtunkhwa.

The patron-in-chief of the United Business Group, SM Munir, who has been leading the group to victory in the FPCCI elections, was among the dignitaries who attended the lunch. The SCCI chief Zahidullah Shinwari said militancy and terrorism left Khyber Pakhtunkhwa in ruins and the province badly needed a relief package to revive its economy.

He said the Pak-Afghan bilateral trade plummeted to a mere $500 million from $2.5 billion in recent years. He said the FPCCI and federal government ought to play their role to boost the trade between the two neighbouring countries.

He said businessmen, customs clearing agents, and traders had reservations over the new Afghanistan Pakistan Transit Trade Agreement (APTTA) which needed to be addressed. He pointed out that the issues of delay in rebates and refund are also getting worse for the businessmen. He said the federal government and Federal Board of Revenue (FBR) should be approached to expedite payment of traders’ rebates and refunds.

The SCCI chief sought amendments to the Trade Organisation Ordinance and Trade Organisation rules in consultation with the chamber and said that its proposals should be incorporated into the bill. He urged the federal government to map out business-friendly policies.

Zahidullah Shinwari said the SCCI was going to convene All Parties Conference (APC) to bring together the political leadership to draft a charter of economy for the militancy-hit province. Governor Iqbal Zafar Jaghra, who was chief guest at the function, lauded the role that the business community had played during the years of terrorism and militancy in the region.

He said due to the daring role of the traders and entrepreneurs the country kept moving forward in the troubled years. However, he said, things were changing and peace and security has returned to the province and its adjoining tribal areas due to which the government was taking steps for economic revival of the country.

The Governor assured the business community of all possible cooperation in getting the relief package for the province. SM Munir in his remarks criticised the FBR for harassing the businessmen and traders in spite of their role in the collection of around Rs4,000 billion in taxes every year.

He said the business community was annoyed due to the policies of the FBR and asked Khyber Pakhtunkhwa Governor to take up the matter with Prime Minster Shahid Khaqan Abbasi. SM Munir pointed out that around 300 cargo vehicles were stranded at the Torkham border crossing for days, but nobody bothered to take any measures in this respect.

Newly elected FPCCI President Ghazanfar Bilour said that he would not leave the business fraternity alone in the trying times. He vowed to leave no stone unturned to resolve the issues the business community was facing across the country.