KARACHI: Mian Nasser Hyatt Maggo, President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), appreciated the public-private partnership (PPP) that made the Pak-Turkey freight train service possible; and commended the successful and on-time completion of its first test.
He appreciated the effective operational coordination and integration of Pakistan Railways and the private sector to make this possible; which will also have a multiplier effect on Pakistan’s bilateral trade volume with Turkey and Azerbaijan.
President FPCCI also recognized and appreciated the historically unremitting efforts of the FPCCI Joint Pakistan-Turkey Business Council (PTJBC) over the past twenty years to make the dream of Pak-Turkey land trade a reality; which will be cost effective, fast and reliable.
Maggo; however, lambasted the bottlenecks thrown by commercial banks due to their reluctance to issue export forms (electronic forms) and import forms (i forms) for overland trade with Turkey by train and trucks under transnational and the UN-ratified the TIR Convention under the false and fabricated pretext that it is about trade with a sanctioned country.
Mian Nasser Hyatt Maggo added that the FPCCI wrote a letter to Shaukat Tarin, Federal Minister of Finance and Revenue, in December 2021 to inform him of the problem; but, unfortunately, no action has yet been taken.
He argued that Pakistan’s business and trading community is enthusiastic about the prospects for overland trade with Azerbaijan and Turkey, which have strongly pre-booked truck and train cargoes under the TIR; while the initial truckloads under TIR successfully reached Azerbaijan and Turkey in October 2021.
Amjad Rafi, chairman of FPCCI’s Joint Pakistan-Turkey Business Council (PTJBC) for more than twenty years, demanded that the State Bank of Pakistan (SBP) immediately take action, through the regulatory mechanism at its disposal, to make the commercial banks begin to play their role as a legally binding facilitator to issue commercial documents to companies and the trading community of the country; which will surely lead to higher volumes of bilateral trade with Turkey due to lower freight costs and on-time deliveries in around 14 days instead of 30 days.
The FPCCI chief proposed that the Pakistani government form a committee to look into the matter for a speedy resolution before more damage can be done. The proposed committee should be chaired by the President of the FPCCI, by virtue of his position; and representatives from the Ministry of Finance, Ministry of Commerce, State Bank of Pakistan (SBP) and National Logistics Cell (NLC).
Commercial copyright recorder, 2022