PFC CEO Calls for Enhanced Regional Trade to Address Pakistan’s Trade Deficit

Pakistan Furniture Council (PFC) Chief Executive Officer, Mian Kashif Ashfaq, highlighted the need for Pakistan to develop balanced bilateral trade relations with neighboring countries to reduce its trade deficit, according to APP.

During a seminar titled “How Pakistan Can Narrow Down Its Trade Deficit,” Mian Kashif emphasized the importance of boosting exports through mutually beneficial trade partnerships with China, India, Afghanistan, Iran, and Central Asian countries. Strengthening ties with these regional economies, he said, would support a fair exchange of goods and services by leveraging each country’s strengths. This approach would help Pakistan diversify its trade partners and decrease dependence on any one country, thereby reducing economic risks and enhancing resilience.

Additionally, Mian Kashif outlined how a balanced trade approach could stimulate local industries, boost foreign exchange reserves, and create jobs. By focusing on high-value exports, adopting pro-trade policies, and developing diverse trade partnerships, Pakistan could move toward a more balanced trade environment that supports economic stability and growth.

To advance trade with neighboring countries, Mian Kashif recommended lowering tariffs, streamlining customs procedures, and forming joint trade committees to facilitate smooth communication. Noting that China is currently Pakistan’s largest trading partner, he pointed out the imbalance that favors Chinese exports. Strengthening exports of Pakistani textiles, agriculture products, and minerals to China could create a more balanced trade relationship. He also emphasized that expanding trade with Afghanistan and Central Asia, given their proximity and cultural ties, would open new markets for Pakistani products and services.