Muhammad Saleem

The entrepreneurs of Faisalabad have pinned their hopes on the free trade agreement signed with the Gulf Cooperation Council (GCC), believing that it will open new trade horizons for them and lead to manifold increase in the country’s exports, reports WealthPK. The GCC consists of six states including the United Arab Emirates (UAE), Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. The preliminary free trade agreement was signed in September last year. GCC Secretary General Jasem Mohamed al-Budaiwi and Caretaker Commerce Minister of Pakistan Gohar Ejaz signed the agreement. Pakistan’s exports to the UAE, Kuwait and Saudi Arabia have increased in recent months, and entrepreneurs believe that by resolving the issues of high cost of doing business, more forex could be fetched from the Gulf countries. Abdul Rashid Khan, a renowned businessman from Saudi Arabia, met the members of Faisalabad Chamber of Commerce and Industry (FCCI) and informed them that the Saudi entrepreneurs were importing Pakistani products through other countries. “I want to import textile products directly from Faisalabad rather than import them through other routes. I am visiting Faisalabad and have consulted with the entrepreneurs,” he said.

FCCI Senior Vice President Dr Sajjad Arshad said the free trade agreement with the GCC would open new trade doors for Pakistan. He said the textile products of Faisalabad being exported to various countries enjoyed a distinguished status globally and ‘we must strengthen our ties with the Gulf States businesspersons’. “We can easily process orders from the GCC countries and room for cooperation is also available for other segments. The FCCI will leave no stone unturned to provide convenience to the Gulf countries' entrepreneurs,” said Dr Sajjad. Talking to WealthPK, a textile exporter, who identified himself as Anwar, said it was a matter of pleasure that an industrialist – Gohar Ijaz – was serving in the interim setup as Minister for Commerce and was striving to increase textile exports. However, he said in the current circumstances when the entrepreneurs were finding it hard to run their businesses, the exports would register a decline. “We are in a position to provide cheap labour to the world; however, our cost of doing business is increasing with each passing day. Without ensuring cheap rates and smooth supply of electricity and gas, Pakistani entrepreneurs will not be able to compete with their business rivals in the international market,” he said.

Credit: INP-WealthPk