Pakistan’s Exports Under Threat as U.S. Imposes 29% Tariff Pakistan’s Exports Under Threat as U.S. Imposes 29% Tariff- The President of FPCCI urged the U.S. government to reconsider the 29% tariff decision, emphasizing that such a move could disrupt trade relations between the two nations.Business Plus

The President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has expressed deep concern over the U.S. decision to impose a hefty 29% tariff on Pakistani products. Given that the United States is Pakistan’s largest trading partner, this move is expected to have a significant and far-reaching impact on the country’s export sector.

The Pakistani government is formulating economic policies to increase exports, and trade relations between Pakistan and US have been increasing for the last 70 years, the President, Federation Pakistan Chamber of Commerce and Industry (FPCCI) told news agency.

The President of FPCCI urged the U.S. government to reconsider the 29% tariff decision, emphasizing that such a move could disrupt trade relations between the two nations.

Meanwhile, questioning the current revenue situation, he said that Pakistan has a low number of taxpayers, and bringing the informal economy into the formal sector is necessary to widen the tax net.

The President of FPCCI said the industrial sector requires further promotion, with a focus on textiles, agriculture, and information technology.

He said that producing high-quality goods that meet international standards will enhance exports in a competitive global market, including the USA.

Additionally, Pakistan should explore new markets, particularly in Africa, Central Asia, and Europe, by mobilizing trade missions and implementing an incentive-based system, he said.

Question on reducing import dependence, he said promoting local industries can reduce reliance on imports and create employment opportunities and strengthening domestic manufacturing can help balance trade.

He said the government should support small and medium-sized enterprises through financial incentives, tax exemptions, and easy access to loans.