Karachi: A significant number of foreign diplomats were briefed on Pakistan’s macroeconomic status and trade prospects at a session hosted by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), as stated by Atif Ikram Sheikh, the organization’s president. The briefing highlighted potential sectors for cooperation and trade promotion activities held at the Federation House in Karachi.

According to a statement by Federation of Pakistan Chambers of Commerce and Industry, Mr. Sheikh detailed that the country experienced a trade deficit of $2.83 billion in January 2025, reflecting an 18 percent increase from the previous year. Despite the challenges indicated by a $420 million current account deficit in the same month, Mr. Sheikh expressed optimism about the overall economic direction, noting a decrease in the key policy rate by 10 percent within a year. He emphasized the importance of trade interdependencies and aggressive trade promotion to expand and diversify the export basket.

In his remarks, Mr. Sheikh reiterated that increasing exports is essential for achieving a stable economy, maintaining the current account balance, sustaining foreign exchange reserves, and creating jobs. He advocated for activating existing trade agreements such as preferential trade agreements and free trade agreements to tap into untapped potential.

Mr. Saquib Fayyaz Magoon, Senior Vice President of FPCCI, emphasized the role of economic diplomacy over political diplomacy in achieving substantial milestones. He noted the importance of involving diplomats from various countries to facilitate potential opportunities. Mr. Magoon also highlighted the FPCCI’s support for the government’s Look Africa Initiative and acknowledged the presence of African diplomats at the briefing.

Mr. Magoon mentioned ongoing efforts to organize trade delegations to African and ASEAN countries, encouraging reciprocal single-country exhibitions in collaboration with FPCCI. He stressed the pivotal role of Chambers of Commerce and Industries in maximizing the benefits of trade agreements through promotion activities.

VP FPCCI, Mr. Asif Inam, discussed the strengths and challenges of Pakistan’s textile industry, highlighting opportunities for joint ventures and industrial collaborations. He urged the government to better manage the cotton crop to reduce import bills through incentivizing cultivation and improving crop mapping and research facilities.