RECORDER REPORT

KARACHI: President of Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has said that authorities should not sign any trade deal with friendly countries which are at the cost of our economy.

He demanded all the necessary changes in the Pak-China FTA which is heavily tilted towards Beijing.

The trade deal has not benefited Pakistan but resulted in heavy losses to the business community and the economy which is not acceptable anymore, he said.

Mian Zahid Hussain said that after the FTA signed in 2006-07, Chinese exports have jumped from $ 3.5 billion to over 16 billion dollars making China our biggest trading partner while Pakistani exports have just slightly increased.

Since 2006-07 the trade gap has surged from $ 2.9 billion to over $ 32 billion which has created resentment among the business community but the representative body of the business community has rarely voiced against the FTA due to its policy of pleasing the government at any cost, he added.

He said that the share of Chinese imports in the non-oil sector has surged to 36 percent which must be noticed.

He noted that China has signed many trade deals with other countries and blocks which has left its deal with Pakistan irrelevant and useless.

On the other hand, some of Beijing moves cannot be understood like it has imposed 3.5 percent duty on Pakistan yarn but she is also getting the same duty on yarn imports from India despite having no trade deal with New Delhi.