ISLAMABAD, Feb 9 (INP) The United Business Group (UBG) of FPCCI on Thursday said inclination of US policymakers towards protectionism can hit the export sector of Pakistan which is already facing problems.
The new US moves have raised concerns among the business community which wants government to study the impact of the development and steps to safeguard national interests without any delay, said UBG Zonal Chairman Naseem-ur-Rehman.
He said that emerging challenges to international trade should be taken seriously by all the stakeholders as US is the largest export destination for Pakistan.
Naseem-ur-Rehman said that last year Pakistan imports from the US remained 1.3 billion dollars while exports stood at 2.6 billion dollars resulting in a surplus.
He said that there are around 86 big US companies operating in Pakistan which are not immune to the unfolding circumstances.
Our exports have declined from 24 billion dollars to 20 billion dollars in three years due to international recession and some weaknesses and further fall is not in the national interest, he added.
The business leader said that dozens of countries are preparing to face American moves like pulling out from Trans-Pacific Partnership and renegotiating NAFTA but situation in Pakistan is being underestimated.
Naseem-ur-Rehman said that it cannot be imagined that changed US policies will not have an impact on Pakistan which call for efforts including commercial diplomacy.
He said that changed US priorities many boost remittances that multiplies three fold after 9/11.