News Update: – 27th April 2020
According to the recent statement by an active participant of “Muslims for Britain” says that Pakistan might benefit significantly from the United Kingdom, in a world beyond Britain’s exit from the European Union in terms of international trade. Furthermore, Britain will continue to reach Pakistan which was approved to Pakistan in the European Union under the Generalized System of Preferences and it is now time to push for the Free Trade Agreement (FTA) between Pakistan and the United Kingdom.
While, as we all know that Pakistan is an emerging market with a young population and growth of about 200 million people. According to the World Bank, Pakistan is the second largest economy in South Asia after India. With a growing middle class, they are attracted to UK expertise, products and brands.
The World Trade Organization (WTO) has warned that global trade can fall by a gigantic 30% – this will inevitably have a drastic impact all across the world. Developing countries that are so heavily dependent upon trade with developed economies in Europe and North America will be hard hit. In Pakistan, small traders and known dealers are requesting The Pakistani Government to grant the opening of markets in accord with the standard operating procedures agreed upon between them and the government, adding that only online trading permission is a joke that small traders will not accept.
In addition, Kamraj Enterprises provisions the pronouncement and appeal to The Pakistani Government to make possible decision in terms of business point of view. President of the Pakistani Organization of Small Traders and Household Industries (APSTCI) Mahmoud Hamid, at a press mentioned a large number of small traders and workers are already facing hunger due to the continued closure of the markets.
Local businesses need to reopen so people don’t die of hunger. The Government’s help is always appreciated but the country needs to be given standard operational provisions to follow whilst operating their businesses. We already know that currently our economy is not at its best and hasn’t been for a while. The ultimate halt due to corona is destroying business and a solution needs to be found ASAP.