Karachi: Federal Commerce Minister Syed Naveed Qamar has said that Pakistan wants to trade with India, but it is not possible in the Modi government.
During an informal discussion with journalists at the office of the Trade Development Authority along with Chief Executive T Dep Zubair Motiwala, the Commerce Minister said that the Federal Cabinet has approved the barter trade framework. With the help of which the dollar will try to overcome the crisis and support the economy and control the trade deficit.
Syed Naveed Qamar said that the lack of banking channel is the reason for the framework. Under this system, commodities can be traded with Afghanistan, Iran, Central Asian and African countries and China. Commerce Minister said that Pakistan is willing to get machinery in exchange of goods under barter system.
In response to a question, Naveed Qamar said that Pakistan has got a two-year extension in the European Union GSP Plus program, the European Union is trying to make the GSP Plus program tax free, he said that Pakistan Negotiations on free trade policy with KGCC countries are ongoing.
In response to another question, the Commerce Minister said that Pakistan is willing to trade with India, but it is not possible for India-Pakistan trade to develop in the Modi government. .
Commerce Minister further said that Pakistan needs both China and America, due to political instability, Pakistan is facing economic challenges.
In response to a question, Syed Naveed Qamar said that incentives will be given to attract farmers towards cotton cultivation. To protect the farmers, the price of cotton has been increased to Rs 8500. Cotton production may increase on the expectation of good crop price.
The Minister of Commerce said that talks are ongoing with foreign companies on hybrid cotton seeds.