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FPCCI points out impediments in PM’s ease of trade initiatives

President FPCCI Mian Nasser Hyatt Maggo issued a statement. Source: FILE/ FPCCI.

KARACHI: Mian Nasser Hyatt Maggo, President FPCCI, has appreciated the ease of trade initiatives by the government of Prime Minister Imran Khan and added that these initiatives have the potential to create a friendly trade promotion environment.

Resultantly, Pakistan has been recognized as one of the most proactive countries in the region which is promoting regional trade through radical changes in its trade policies through pragmatic initiatives, facilitative measures, and support mechanisms.

Mian Nasser Hyatt Maggo has, however, pointed out a few impediments by vested interests and troublemakers that can jeopardize the initiatives; which will not be in the national interest, if not addressed in a timely manner.

FPCCI proposes an amendment in the tax laws that should be introduced enabling the companies to provisionally settle their taxation and customs disputes through furnishing corporate guarantees to the government; instead of bank guarantees or pay orders. It is pertinent to note that the above proposal has been welcomed by Senate’s Committee on Finance; and, as well as, the traders’ community across Pakistan.

Mian Nasser Hyatt Maggo also applauded the Authorized Economic Operators (AEO) program for its potential to minimize the cost of doing trade and business through facilitation across all government departments and ministries. AEO program will also help Pakistani traders to compete with regional and international players in the global markets through focusing their energies on their trade activities; rather than dealing with regulatory authorities all the time, he added.



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