Express Tribune, Pakistan
FTAs, PTAs need to be revisited
25 August 2017
ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) recommended the government to revisit and negotiate anew the existing Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs). “The trade agreements should be revisited as they are heavily tilted in the favour of partner countries,” said FPCCI President Zubair Tufail in a statement released Thursday. He said that the FPCCI supports the bilateral trade agreements with different countries to enhance Pakistan’s trade relations but these should be based on mutual benefit and at the same time protect Pakistan’s economic interests. Due to the existing FTAs, Pakistan’s imports have jumped by 300% in the last three years, putting an unbearable burden on the foreign exchange reserves.