KARACHI: The Govt. of Pakistan must divert its trade into Pak rupees instead of US dollars. Turkey and Iran are already doing trade in local currencies and their volume has crossed the 10 billion dollar mark per annum why should we not adopt this system? We must have a fixed dollar conversion rate just like UAE and Saudis governments. Dry ports are always meant for export promotion the world over but we have allowed imports which is the wrong policy and causing smugglers’ benefit.

 These were the main issues raised in the question & answer session of the high-profile National Consultative Conference of Chambers & Associations to draft the National Economic Plan & Agenda for Charter of Economy hosted the other day by Irfan Iqbal Sheikh, President FPCCI, at Federation House, Karachi. Top representatives of all chambers, trade bodies, and associations graced the event as well.

The aforementioned Charter of Economy will be finally drafted within the next fifteen days and signed by all political parties & the government as stated by the president of FPCCI.

 Participants of the two hours marathon session also stressed the trade by road with all neighboring countries. They said we can manage the cost of a container at 2100-2200 dollars by road trading which is costing presently $ 8,000 by sea. Hence, we should instantly promote transit trade with all regional states, they urged. Adoption of alternate energy is facing problems from the government side, which has already created an illegal mountain of more than 2.5 trillion rupees in circular debts. We are importing 100-200 percent excess of actually required quotas of different commodities that have overburdened the national exchequer and the country is facing a shortage of foreign exchange. This practice must be avoided and carry on imports as per normal and regular requirements to get relief from the foreign exchange crisis. The participants demanded that after the finalization of this charter; leading personalities from the judiciary, establishment, heavy pensioners after retirement class, and all other stakeholders must be invited to hear its recommendations and agree on a national agenda for the sovereignty of the country. Millions of rupees in pensions after retirement should be curtailed to share the burden of this national crisis of the economy. More than 40 percent population is living under the poverty line but our federal and provincial governments are not curtailing their wasteful expenditures. A questionnaire must be sent to all political parties to share their viewpoints on all vital national issues just to streamline our future policies and election mandates.

 It was also urged that Ministry of Commerce and Economic Division officials should have close and regular liaison with FPCCI for the adoption of useful policies. The participants said there is only a 50-km pipeline required to be laid down between gas-rich Iran and Pakistan to get permanently solved our energy needs but our governments are not using this cheap and easy source for economic rehabilitation.

Another vast field of I.T. and Agricultural revolution is opened for the development of the national economy but was ignored for unknown reasons. 

Published in The Daily National Courier, January, 12 2023

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