RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) expressed deep concern over the current economic and political uncertainty in the country.

The trade deficit has reached historic levels, the rupee continues to depreciate against the dollar, and foreign exchange reserves are declining sharply.

In a joint statement, President Nadeem Rauf and group leader and former President RCCI Sohail Altaf said that trade relations would have to be kept separate from politics. Pakistan’s trade relations with the United States and Europe should be viewed beyond politics.

Claims trade deficit has reached historic levels

The United States and Europe are important economic partners of Pakistan and both are major export markets for Pakistan.

Pakistan exports $6.5 billion worth of goods to the United States, while its exports to Europe are close to $16 billion. RCCI President Nadeem Rauf said if immediate steps were not taken the country would face a severe economic crisis.

The dollar has reached 186 and the rupee is falling further. Political parties have to show prudence and wisdom, he added.

Group leader Sohail Altaf said uncertainty was disastrous for the country’s economy and the trade deficit has risen to $36 billion. With the rupee depreciating, inflation is on the rise and large scale industry (LSM) is under severe pressure.

He said the business community believed that if timely steps were not taken, the situation would spiral out of control. “We have to think in the national interest and realise the delicacy of the issue and get the country out of the current economic and political crisis,” he added.

Published in Dawn, April 7th, 2022