In the modern world regional trade has become very important but granting the MFN status to a neighbouring country which can cause harm to our indigenous industries and sectors, if its done without taking the stakeholders into confidence.

The balance of trade between the two countries is heavily tilted in favor of India, which requires to be turned into a win-win situation for both the countries, Yassar Sakhi Butt, President Islamabad Chamber of Commerce and industry (ICCI) has made these remarks during a meeting with a group of industrialists at Chamber House.

He underlined that despite the MFN status from India to Pakistan since 1996 Non-tariff barriers (NTB) have hampered attempts of increasing trade volumes from Pakistan to India. On the contrary, there was hardly any NTB against Indian goods in Pakistan regardless of non-granting of MFN status to India, he added.

President ICCI proposed that at initial stage trade should be open stepwise related to specific commodities otherwise our local industries would badly suffer if more products are allowed to be imported from India without imposing tariff, non-tariff barriers and anti-dumping duties.

Yassar Sakhi Butt was responding to the report that if Government approves the shorter negative list, it could mean that 80 percent items would be imported to Pakistan on zero to five percent duty from India. He urged the Government to provide business-friendly environment to our local industries by ensuring uninterrupted supply of electricity and gas. Otherwise, our domestic industry could not compete with Indian cost-effective products, he added.

ICCI President said that ICCI has always advocated regional trade, especially with India for the sake of peace and prosperity in the region. However, the MFN status should not be granted at the cost of the domestic industry, he maintained.