Critical: ICST lashes out at failure of FTAs

ISLAMABAD: Various trade agreements that have been inked with friendly countries have damaged the economy and hit revenue collection, said the Islamabad Chamber of Small Traders (ICST) on Thursday.

The economy is facing losses to the tune of billions due to different Free Trade Agreements (FTAs) while the FBR is facing losses amounting to Rs40 billion per annum in shape of lost revenue due to these controversial deals, it said in a statement.

“The trade deals should be reviewed in the national interest while the ongoing trade negotiations should be suspended to get feedback of the business community,” ICST Patron Shahid Rasheed Butt was quoted as saying in the statement.

He said that the trade deficit with China has swelled to $12 billion but nothing has been done to safeguard interests of Pakistan.

Published in The Express Tribune, December 9^th, 2016.

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