Prime Minister success in approval of grant from China is great news for Pakistan: Asif Iqbal Memon

BUSINESS

Hyderabad: Asif Iqbal Memon, Chairman Kotri Association of Trade and Industry has said that Prime Minister Imran Khan’s success in getting the approval of grant of 6 million dollars  from China is great news for Pakistan. This will not only pave the way to strengthen the economy of Pakistan but will also have a positive impact on traders and industrialists of the country.

It will also help to reduce Dollar rate and control the increasing inflation which will directly benefit people of Pakistan. He further said that during Prime Minister’s visit to China, both countries agreed to increase cooperation in education, technology, agriculture, industry, trade and other important sectors, which will bring prosperity to the country. However, it is the matter of great concern to have no progress in resetting Free Trade Agreement despite assurance given by the Government Delegation during Pak-China dialogues. 

He further said that the previous government did not pay  to the details while signing the Free Trade Agreement and gave exemption of tax to China on export of 800 items whereas  Pakistan has got Tax exemption on export of less than 100 items.  Thus the unfair Free Trade agreement will not just affected our  tax revenue but will badly affect the industrial sector at local level.  Therefore not resetting this free trade agreement is unjustified for Pakistani Industrialists.  Not any member of the Pakistani delegation pointed out this issue which may result weaken Pak-China relationship.

On the other hand, during his visit to China, Prime Minister, instead of meeting with Pakistani Industrialists present in china, remained indifferent to them, whereas he gave opportunity to Chinese industrialists for one to one meetings and, according to reports, offered them attractive benefits in the name of industrial development in Pakistan. Presently, industries in Pakistan are going through a crisis due to shortage of water, power and gas.

.He said that governments till now have always mentioned China as Pakistan’s trusted friend but Pak China Free Trade Agreement negates this assumption. Asif Iqbal Memon stressed the government to amend Pak China Free Trade Agreement on equality basis in all development projects, without neglecting local industrialists, otherwise Pak-China relationship will remain limited to government level