By Commerce Reporter
LAHORE- The Lahore Chamber of Commerce & Industry has welcomed the U.S. decision to suspend tariff restrictions on Pakistan for a period of 90 days.
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LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry hailed this move and termed it a timely initiative by the US President Donald Trump that could pave the way for strengthening bilateral trade and fostering deeper economic cooperation between the two nations.
“We believe that this 90-day suspension provides a unique opportunity to not only boost exports but also to further enhance the long-term strategic economic relationship between Pakistan and the U.S. The business community stands ready to contribute to this cause and LCCI is committed to providing all necessary support to ensure success in this endeavor”, the LCCI office-bearers said.
Mian Abuzar Shad, LCCI President said that this 90-day suspension would not only provide immediate relief to Pakistani exporters, particularly in sectors such as textiles and leather, but would also offer an opportunity to restore confidence and reframe the trade dialogue on more equitable and mutually beneficial terms.
The LCCI office-bearers urged the Government of Pakistan to immediately initiate high-level diplomatic and trade discussions with U.S. authorities, with the goal of converting the temporary tariff suspension into a permanent or long-term solution.
They said that the textile, garments, sports goods and surgical instruments sectors, should be mobilized and supported to fully capitalize on the relaxed tariff conditions during this period.
They said that Pakistan’s commercial attachés in U.S. embassies should be empowered with clear objectives to forge new business connections, promote “Made in Pakistan” brands and identify potential buyers for Pakistani products.
The LCCI office-bearers said that Pakistani government must ensure expedited export refunds, offer low-interest financing options and improve the ease of doing business to enable exporters to scale up production and meet the rising demand in the U.S. market.
“Pakistan should explore the possibility of negotiating a Preferential Trade Agreement (PTA) or Free Trade Agreement (FTA) with the U.S., particularly focusing on sectors with high export potential”, they added.
The LCCI office-bearers said that the Pakistani government and business leaders must collaboratively work to promote a positive narrative of Pakistan’s economic, industrial and business environment in the U.S., enhancing the image of the country as an attractive trade partner.
