The Ferozepur Road Industrial Association (FRIA) has advocated the need for raising the country’s tax base so that tax-to-GDP ratio improves from current poor level.
FRIA senior vice chairman Shehbaz Aslam urged the trade officers to explore opportunities to diversify exports of goods and services in their respective areas, asking them to meet the challenges faced by Pakistan in European markets.
He said that country’s major export markets did not see any significant growth in importing goods from Pakistan in the financial. He also suggested the ministry to devise strategies for promotion of Pakistani products, calling upon trade officers to take advantage of opportunities offered by China-Pakistan Economic Corridor (CPEC).
Shahbaz Aslam said that Pakistan’s exports to the US and the UK, two high-priced markets, have seen substantial growth in the first quarter of the current financial year. However, exports to China have sharply declined during the same period, according to country-specific data released by the Trade Development Authority of Pakistan (TDAP).