Daily Times

Pakistan Furniture Council (PFC) Chief Executive Officer Mian Kashif Ashfaq has emphasised that Pakistan needs to focus on promoting balanced bilateral trade relations with regional countries to narrow down its growing trade deficit by boosting exports.

Speaking at a seminar on “How Pakistan can narrow down its trade deficit”, here on Sunday, he said a balanced trade approach would involve strengthening economic ties with neighboring countries China, India, Afghanistan, Iran, and Central Asian states as this strategy can offer mutual benefits, leveraging each country’s unique resources and industries to create a fair exchange of goods and services. By reducing reliance on any single market, Pakistan could mitigate risks and enhance its economic resilience.

He said balanced bilateral trade would also promote economic growth by stimulating local industries, and increasing foreign exchange earnings besides creating ample jobs.

Pakistan’s trade deficit is a complex issue, but by diversifying trade partners within the region, focusing on high-value exports, and adopting pro-trade policies, Pakistan can work towards a more balanced trade environment. These steps could significantly contribute to reducing the trade deficit and enhancing overall economic stability in the region, he added.

Mian Kashif said enhancing trade with regional countries would involve reducing tariffs, simplifying customs procedures, and establishing joint trade committees to streamline communication.

He said China is Pakistan’s largest trading partner, but the trade heavily favors Chinese exports. By promoting the export of Pakistani goods like textiles, agricultural products, and minerals to China, Pakistan could better balance this relationship. Similarly, stronger trade links with Afghanistan and Central Asia could help Pakistan access new markets for its goods and services, particularly given the geographical proximity and shared cultural ties, he concluded.