KARACHI: A free trade zone may be set up in the country to boost exports and provide the much needed fillip to economic progress. The Export Promotion Council is understood to have recommended to the Export Promotion Bureau to undertake a study about the feasibility of developing such a zone.

Those in favour of a free trade zone believe that such an area could serve as a market for dumping Pakistan’s surplus goods. The zone, they said, could also attract foreign investment for setting up basic and heavy industries. The products of these industries could find markets not only in Pakistan but also in the neighbouring countries. Besides, the Pakistani labour would get an opportunity to acquire technical know-how by working in the capital intensive industries.

[Meanwhile, as reported by agencies from Cairo], the Fifth Arab Oil Congress in its final session here recommended that Arab States should use their oil wealth as a weapon against countries who favour Israel. The conference also recommended that Arab petroleum and other economic potential should be brought into the fight to liberate Palestine.

Arab relations with other countries should be determined by their attitude towards the Palestine issue. Arab states should collectively work to stop the oil supply to any country which enforced an economic boycott against an Arab state or whose policy was detrimental to the economic interests of the Arab world. It also recommended an inter-Arab petroleum organisation to co-ordinate the oil policy.

Published in Dawn, March 25th, 2015

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