Efforts on to get trade concessions from US, EU

LAHORE: Federal Commerce Secretary Zafar Mehmood has said that Pakistan is seeking substantial trade concessions from the US and the European Union to cope with challenges faced by its industrial sector.

Speaking at the Lahore Chamber of Commerce and Industry here on Friday he said that this was the most opportune time to win trade concessions from the US and the EU as there was a feeling in the developed world that Pakistan required to be compensated for being the hardest hit in war against terror.

He disclosed that the government had hired a European company to fight its case for getting trade concessions from the EU.

Answering a question he said that new rules and regulations were being framed for the Trade Development Authority of Pakistan, which would be implemented in a transparent manner. Various options were also being considered for encouraging local and foreign investment.

LCCI President Zafar Iqbal Chaudhry said that the business community needed direct market access to US and EU. It was a good omen that the EU had expressed its willingness to discuss the free trade agreement (FTA) with Pakistan. The government should also seek foreign expertise on small hydropower and alternative energy units.

He informed the federal secretary about the formation of Pakistan Halal Products Development Board under the LCCI and sought his support to get the board operational in the shortest possible time as it would help Pakistan get recognition in global Halal market.