Govt urged to put off EDE system

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to put off the agreement for Electronic Data Exchange (EDE) with China, as it would do more harm than good, a statement said on Wednesday.

LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid and Vice President Zeeshan Khalil said that the government has planned to establish Electronic Data Exchange System to capture the real value of imports from China. They feared this system would affect the trade and industry and Pakistani economy would pay heavy cost.

The LCCI office-bearers said over-invoicing in China is common to get Customs rebates and it is impossible to match trade data with China through Electronic Data Exchange System.

Reportedly only around 60 percent of the imported goods from China are currently coming under the free trade agreement and Electronic Data Exchange will cover only these goods, while the remaining would be out of its reach.