LAHORE, Oct 14 (INP): Chairman of Pakistan Industrial and Traders Associations Front (PIAF) Irfan Iqbal Sheikh has opposed 15 percent additional duty on import of 297 items In a statement issued here on Saturday he said that the decision would further increase the practice of under-invoicing and promote smuggling. Irfan Iqbal Sheikh said that government, instead of promoting export by resolving the fundamental issue of high cost of doing business particularly in Punjab, takes impractical and illogical ways to control trade deficit. The PIAF chief, along with PIAF Senior Vice Chairman Tanveer Ahmed Sufi and PIAF Vice Chairman Khawaja Shahzeb Akram, said the declining exports and widening trade deficit posed a serious threat to economic growth and required to be tackled on priority basis. The government should also find a lasting solution to the problem of high prices of foodstuffs, as the high import duty also causes high inflation. He said that business friendly policies must be adopted as other neighboring countries of the region are giving to trade and industry. The amount specified in trade policy should be utilized for the promotion of exports by giving incentives to the trade and industry and by exploring new markets. The PIAF chairman remarked that the people would accept the government claims on economic growth and prosperity only when their problems would be solved and the essential commodities and utilities would be available at fair prices. The government should ensure availability of electricity, gas, diesel and water to trade, industry and agriculture at low rates to facilitate reduction in prices of foodstuffs and industrial products, he added. Irfan Iqbal Sheikh has said that Pakistan’s external debt was primarily increasing because of the government’s inability to enhance exports and attract foreign direct investment. He warned the government that Pakistan has been sliding down towards debt trap and might need another bailout package of International Monetary Fund (IMF). INP/SB/AK