LANDIKOTAL: The Pak-Afghan Joint Chamber of Commerce and Industry on Tuesday urged Pakistan and Afghanistan to adopt a cooperative approach to revive regional trade, saying both countries had suffered huge economic losses due to the suspension of bilateral and transit trade over the past 10 months.
“Afghanistan has remained one of Pakistan’s most important export markets, where payments for goods are made before delivery,” said the chamber’s Senior Vice President, Zia-ul-Haq Sarhadi, while speaking to journalists.
He said Pakistan’s annual exports to Afghanistan amount to around US$1.5 billion, with exporters suffering estimated losses of US$1 billion during the 10-month trade blockade.Sarhadi added that Pakistan exports goods worth about US$800 million annually to the Central Asian republics through Afghanistan. “The disruption in transit trade has resulted in estimated losses of US$225 million for Pakistani exporters,” he said.
He said Pakistan imports cotton, pulses and other commodities from Central Asia through Afghanistan. “The closure of transit routes has significantly increased import costs while reducing customs revenue generated from Afghan and Central Asian cargo,” he added.
The chamber’s leader said Karachi ports normally handle 40,000 to 45,000 Afghan transit containers each year, generating around US$160 million annually through transport, port handling, customs clearance and related services. “Pakistan has reportedly lost about US$106 million in revenue during the past 10 months due to the disruption,” he said.
