Islamabad : The Islamabad Women’s Chamber of Commerce and Industry (IWCCI) on Monday supported the decision of the Federal Cabinet to implement the grant Most Favoured Nation (MFN) status to India.
Failure to meet the deadline for MFN status to India by Pakistan indicates extra care being observed by government which is not insensitive to the strengths and weakness of the local business community, said President IWCCI Farida Rashid.
Talking to business community, she said that the move indicates that government has realised the undesirable impact of mixing politics with business on the economy.
Many perceive MFN as granting huge concessions to another country which is wrong; actually it means that both countries will not discriminate against each other she said adding that we should be able to buy and sell products from India as we can do with any other country.
Farida Rashid said that Indian goods will provide some relief to Pakistanis whose purchasing power has been eroded due to host of reasons. Moreover, our industry would gain access to the large Indian market with a great customer base, she added.
MFN will reduce trade cost owing to economical transportation, availability of raw materials and machinery which will cut the cost of doing business in Pakistan resulting in improved competitiveness and productivity of our industry.
The President IWCCI said that how come this part of world progress when intra-regional trade stands at five per cent which is pointless.
If resilient local industry can survive a Free Trade Agreement with a major economic power like China, it definitely can compete with Indians after they are accorded with MFN status, she observed.
She asked India to remove all non-tariff barriers to ensure equal opportunities, boost trade and mutual confidence which can increase bilateral trade to $8 billion from the current level of $2.6 billion.