FPCCI calls for increased trade collaborations and policy reforms to boost Pakistan's global market presence.
- FPCCI Calls for Policy Reforms to Boost Trade
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The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has reiterated Pakistan’s significant potential in global trade and called for proactive measures to boost exports and trade collaborations.
In a historic move, FPCCI and FBR have decided to consult, work together, and coordinate on a comprehensive tax reform agenda, according to FPCCI President Atif Ikram Sheikh. Since income creation serves as the foundation for any nation’s fiscal policies and development plan, this is the only viable path for Pakistan’s economy, he noted. However, it must be carried out in a consultative, inclusive, and practical manner.
The Federal Board of Revenue (FBR) Chairman, Rashid Mahmood Langrial, visited the head office of the FPCCI, the highest authority, at Federation House in Karachi. Senior officials from several FBR departments and the c-level FBR staff accompanied him; they all answered questions together.
The FPCCI urged the government to implement trade-friendly policies, emphasizing that Pakistan’s strategic location and diverse industries can play a pivotal role in strengthening its global economic presence.
According to the FPCCI, one of the key drivers for economic growth is enhancing bilateral trade agreements with leading economies and fostering international partnerships. The federation emphasized that trade reforms, along with improved infrastructure and investment in key sectors like textiles, agriculture, and technology, can help Pakistan tap into new markets and increase export revenues.
The FPCCI further highlighted the importance of creating an enabling environment for small and medium-sized enterprises (SMEs) to access international markets. These reforms would not only improve the country’s trade balance but also support sustainable economic growth.
The organization also suggested that the government focus on improving trade diplomacy, by engaging more actively in international trade forums and utilizing its geopolitical advantage. Pakistan’s proximity to key regions like Central Asia, the Middle East, and South Asia presents immense trade opportunities that, with the right policies, can lead to substantial growth.
FBR Chairman also expressed optimism that interest rate may be further reduced by 1.5 – 2.0 percent soon; and, advocated for no more than 3 – 4 percent premium in policy rate as compared to inflation numbers. He opined that the country has no other breathing windows in sight and promoting tax culture is the only viable solution.
Mr. Langrial stated that not even the top 5 percent wealthiest population is filing taxes; and, FPCCI’s demand is legitimate that tax evaders should be targeted instead of those already paying taxes for the past many decades. He also suggested that the model of paying back loans through borrowing even more money is no longer sustainable for the country.
On demand of FPCCI, he advised FBR officials to minimize checking cargo within the limits of Karachi city as a pilot study; and, only inspect or stop on concrete intelligence-based information for large consignments. He also advised to appoint a grade-19 FBR officer in his staff to be the focal person for day-to-day issues raised by trade bodies – who should be responsible for informing him of any pressing concerns or complaints within 24 hours.