Karachi: In a meeting aimed at evaluating the effectiveness of overseas trade missions and discussing future trade agreements, Federal Minister for Commerce Jam Kamal Khan expressed the government’s commitment to addressing the concerns of the business community and enhancing Pakistan’s position in global trade.

According to United Business Group, during his discussions with Zubair Tufail, former President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and President of United Business Group (UBG), Minister Khan acknowledged the shortcomings of past free trade agreements (FTAs) that did not favor Pakistan, resulting in economic losses rather than gains. The current administration, under the Prime Minister’s directive, is focusing on renegotiating these agreements to ensure they align with the national interest and contribute positively to the economy.

UBG President Tufail highlighted specific issues with existing FTAs with countries like Sri Lanka, Malaysia, and China, which he claimed benefitted those countries more than Pakistan. He emphasized the need for incorporating the business community’s insights into future agreements to boost exports effectively. Tufail also noted the upcoming FTAs with Turkey and Thailand, urging the government to secure terms that favor Pakistani interests, particularly addressing the high duties that currently hinder trade with Turkey.

Tufail further addressed logistical and operational inefficiencies at local ports, particularly the high costs associated with importing bulk chemicals through Port Qasim under a contract with Engro, which he argued could be made more economical. He advocated for the contract’s reassessment when it comes up for renewal in March 2025, suggesting that a more competitive process could benefit local industries.

Additionally, Tufail proposed that Pakistan should leverage its mineral reserves and the strategic position of Gwadar Port to reduce dependency on international financial institutions like the IMF, potentially transforming the economic landscape of the region.