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The country is already facing a huge trade deficit, and measures like closure of the Sust border are further aggravating the situation, said LCCI President Abdul Basit, in a statement issued Tuesday.
He said that surprisingly, the Border Management Committee has neither taken the stakeholders on board nor communicated them about the border closure.
“Since 2012, China has emerged as Pakistan’s largest trading partner replacing United States, therefore there is a dire need of smooth running of business activities between the two countries otherwise the country would face huge loss,” said Basit.
He said that transporters in Afghanistan have also announced a countrywide strike, which is starting December 12. He said that transit trade through Iran to Central Asia is very limited due to higher transportation cost, adding that this is high time to export kinnow to Central Asian States, which are major trade partners of Pakistan for said produce.
The LCCI president said that the country’s trade deficit has increased to $9.3 billion from July-October 2016 and stopping the transit of merchandise through the Sust border could further increase it.
The trade deficit during the financial year 2016-17 is expected to reach $28 billion while it is estimated that during the current financial year exports would also decline to $19.5 billion, which is not a good omen for the economy.
Basit urged the government to open the Sust border for movement of goods and transport without any exception, which will guarantee uninterrupted trade to Central Asian States.
Published in The Express Tribune, December 7th, 2016.
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