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Express Tribune
4 days ago
- Business
- Express Tribune
Dar's US visit sets stage for stronger trade ties
Listen to article Pakistan's trade relations with the United States are set to strengthen following Deputy Prime Minister Mohammad Ishaq Dar's recent visit to Washington DC, said the Lahore Chamber of Commerce and Industry (LCCI) on Saturday. In a statement released on Saturday, LCCI President Mian Abuzar Shad praised the economic diplomacy led by Prime Minister Shehbaz Sharif and Deputy PM Dar, crediting their leadership for restoring macroeconomic stability and global confidence in Pakistan. He called the visit a "landmark step" that signals Pakistan's intent to revive economic momentum and expand global partnerships. During the trip, Dar held a key meeting with US Secretary of State Marco Rubio, where both sides discussed deepening cooperation in trade, investment, technology, agriculture, and minerals. Shad welcomed their joint commitment to building structured and sustainable mechanisms for bilateral engagement. Dar's address at the Atlantic Council also drew praise. The deputy PM spoke of Pakistan's transition from aid dependency to trade-driven growth. Shad said this forward-looking approach reflects the aspirations of Pakistan's business community and sends a strong signal to investors. He endorsed Dar's commitment to open Pakistani markets to American goods and his push for a comprehensive trade deal with the US. He said this strategy would boost investor confidence and unlock opportunities for both sides. He added that Pakistan's reforms to improve ease of doing business and attract foreign investment should further reassure US stakeholders. Shad noted that the US is already Pakistan's largest export destination, especially for textiles, garments, leather, and surgical tools. He pointed out that Pakistan is also the second-largest buyer of US cotton, reflecting deep trade links. He underscored that Pakistan's textile sector would greatly benefit from predictable trade frameworks and preferential market access. A free trade agreement or bilateral investment treaty with the US, he said, would be a game-changer for Pakistan's economy. He praised the government's strategic diplomacy and expressed LCCI's full support for efforts to enhance trade ties and foreign economic relations.
Business Recorder
4 days ago
- Business
- Business Recorder
Dar's visit to boost Pak-US trade ties: LCCI
LAHORE: Pakistan's trade ties with United States are all set to expand after a productive visit of Deputy Prime Minister Mohammad Ishaq Dar. In a statement, LCCI President Mian Abuzar Shad commended the diplomatic and economic initiatives led by Prime Minister Muhammad Shehbaz Sharif and Deputy PM Ishaq Dar, adding that their collective leadership has steered Pakistan back onto the path of macroeconomic stability and international confidence. The recent visit to Washington D.C. by Deputy Prime Minister Ishaq Dar is a landmark step that reflects the government's seriousness in reviving economic momentum and enhancing global partnerships. The LCCI President said that during his visit, Deputy Prime Minister Ishaq Dar held a significant meeting with U.S. Secretary of State Marco Rubio. The two leaders discussed strengthening bilateral ties, particularly in trade, investment, technology, agriculture, and mineral development. He said it is very encouraging that they are committed work together to create structured and sustainable mechanisms for cooperation. Mian Abuzar Shad also welcomed Ishaq Dar's remarks made during his address at the prestigious Atlantic Council in Washington, where he highlighted Pakistan's macroeconomic stabilization and a clear shift from aid dependency to trade-driven progress. He said that the Lahore Chamber of Commerce and Industry fully endorses Deputy Prime Minister Ishaq Dar's vision of replacing aid with mutually beneficial trade. His message at the Atlantic Council reflects a confident and forward-looking economic policy that resonates with the aspirations of Pakistan's business community. The commitment to open Pakistan's markets to American products and the pursuit of a comprehensive trade agreement with the United States is a highly strategic move that will significantly boost investor confidence and bilateral commerce. He added that this trade-centric approach is exactly what Pakistan needs to revitalize its economy, attract foreign investment, and position it as a competitive player in global markets. He said that it would also boost confidence of the U.S. business community that Pakistan is undertaking significant reforms to attract foreign investment, improve ease of doing business, and enhance institutional transparency. His engagements signalled to global investors that Pakistan is ready to re-engage with the international economy on strong, stable, and mutually beneficial terms. LCCI President pointed out that the United States is already Pakistan's largest export destination, especially for textiles, garments, leather products and surgical instruments. At the same time, he highlighted an important fact: Pakistan is currently the second-largest importer of U.S. cotton, underlining the deep-rooted trade links between both nations' textile and agricultural sectors. Mian Abuzar Shad also stressed that the textile sector, which accounts for a large portion of Pakistan's exports, can greatly benefit from more predictable trade frameworks and preferential access to U.S. markets. He said that a free trade agreement or a bilateral investment treaty with the U.S. would be a game-changer for Pakistan's industry. He hoped that the recent dialogues pave the way for such developments. The LCCI President praised the government for its strategic diplomacy and effective engagement with the global business and political community. 'Thanks to the efforts of Prime Minister Shehbaz Sharif and his team, the world is once again recognizing Pakistan's economic potential,' he said. He assured LCCI's full support for the government initiatives aimed at enhancing trade diplomacy and foreign economic relations. He expressed hope that the outcomes of the U.S. visit would soon be translated into tangible agreements, investment inflows, and expanded market access for Pakistani products. LCCI President said 'This visit is not just a diplomatic milestone, it is a strong statement of intent that Pakistan is back on the global economic map and ready to thrive.' Copyright Business Recorder, 2025
Business Recorder
5 days ago
- Business
- Business Recorder
DPS World Pakistan 2025 kicks off in Lahore
LAHORE: 7th International Digital Printing and Signage Exhibition DPS World Pakistan 2025 inaugurated at Expo Centre Lahore. The three-day exhibition, organised by Fakt Exhibitions (Pvt.) Ltd., will continue until July 27, bringing together global innovation and local industry expertise under one roof. The inaugural ceremony was graced by President, Lahore Chamber of Commerce & Industry (LCCI), Mian Abuzar Shad along with Saleem Khan Tanoli, CEO of Fakt Exhibitions, and several leading figures from the digital printing and signage industry. Over 100 national and international companies are showcasing cutting-edge technologies, including advanced digital printers, large-format displays, laser cutting machines, specialty inks, substrates, and contemporary signage systems. In his keynote remarks, President, Lahore Chamber of Commerce & Industry (LCCI), Mian Abuzar Shad stated: 'I am honored to inaugurate DPS World Pakistan. The diverse range of digital printing and signage technologies and solutions on display today reflects a bright future for our industries, and I am happy to see how these innovations will drive progress and create new opportunities.' Saleem Khan Tanoli, CEO of Fakt Exhibitions, shared: 'DPS World Pakistan is where innovation meets opportunity. As businesses evolve and embrace transformation, this event creates the perfect space for industry players to connect, collaborate, and grow.' Copyright Business Recorder, 2025
Business Recorder
6 days ago
- Business
- Business Recorder
Proliferation of unregulated furniture exhibitions comes under discussion
LAHORE: A delegation of the Furniture Association, led by Mian Afzaal, called on President of the Lahore Chamber of Commerce & Industry Mian Abuzar Shad and Vice President Shahid Nazir Chaudhry to highlight the growing concerns of the furniture industry in Pakistan, particularly in Punjab, caused by the unchecked proliferation of unregulated furniture exhibitions. Sohail Mahmood Butt, Khalil Abeer and others also spoke on the occasion. During the meeting, the delegation expressed deep concerns over the ongoing damage caused to legitimate furniture manufacturers, traders and thousands of skilled workers due to these unsupervised expos. Mian Afzaal said that what were originally intended to be promotional showcases have now transformed into full-fledged retail sales outlets, operating without oversight, tax compliance, or adherence to quality standards. He explained that many of these expo participants are non-tax filers, operate without proper showrooms or production facilities and often fail to provide after-sales service, which raises serious concerns about their credibility. 'These expos are being misused to exploit tax loopholes while legitimate businesses suffer,' he said. The delegation also presented data showing that many exhibitions promote '50–70% discount' campaigns, clearly reflecting their retail nature. They said that unlike global practices, where exhibitions are organized once or twice a year under government supervision to promote local industry, Pakistan is witnessing arbitrary and frequent expos in various cities, hurting the existing regulated market. The Furniture Association urged the LCCI leadership to play an active role in addressing this alarming situation. Their proposals included regulating furniture exhibitions and ensuring compliance with tax and quality standards, restricting participation to registered businesses with operational facilities and verified NTNs, ensuring protection of consumer rights including mechanisms for after-sales service and coordinating with authorities to enforce fair trade and restore balance in the furniture market. LCCI President Mian Abuzar Shad appreciated the delegation for bringing the matter to light and assured full support from the LCCI. He agreed that unregulated trade practices not only hurt compliant businesses but also weaken national economic stability. He said that LCCI stands committed to the protection of genuine business stakeholders and would raise the matter with the concerned authorities at the highest level. Vice President Shahid Nazir Chaudhry also expressed solidarity with the industry and stressed the importance of equal opportunity and market fairness for sustainable economic growth. The delegation thanked the LCCI leadership for their time and positive response, expressing hope that with the Chamber's backing, practical steps would soon be taken to protect the furniture industry from further decline. Copyright Business Recorder, 2025
Business Recorder
19-07-2025
- Business
- Business Recorder
All major markets in Lahore stay shut
LAHORE: All major commercial areas, including Shah Alam Market, Akbari Mandi, Hall Road, Mall Road, Anarkali, and others, were shut down, with support from all factions of the city's traders' unions. The Lahore Chamber of Commerce also endorsed the protest. The strike, called in protest against expanded powers granted to the Federal Board of Revenue (FBR), divided traders into opposing camps. Traders' leader Haji Maqsood Butt declared the strike a success and warned that if the FBR continued to 'harass' traders or exert 'unjustified authority,' further action would be taken. 'We are united, and we reject forced compliance,' he said. Lahore Chamber of Commerce and Industry President Mian Abuzar Shad has appreciated the business community for showing a great response and the overwhelming success of the nationwide shutter-down strike on July 19. The press conference was attended and addressed by Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, former Presidents Mian Anjum Nisar, Muhammad Ali Mian, former Senior Vice President Ali Hussam Asghar and former Vice President Faheem ur Rehman Saigol. Speaking on the occasion, LCCI President Mian Abuzar Shad said that the 19th of July 2025 will go down in history as a defining day of awareness, unity and struggle by Pakistan's business community. He extended heartfelt gratitude to the traders, shopkeepers, industrialists and all market associations of Lahore who responded to the LCCI's call and ensured a complete, peaceful and disciplined strike. Lahore has proven today that it is not just a city – it is a sentiment, a force. The LCCI President also appreciated the strong response from other cities including Karachi, Hyderabad, Sukkur and others who joined hands for a common cause. He added that Lahore and Karachi collectively contribute over 60% of Pakistan's economic activity. Today, that 60% was silenced, not by force, but by choice to register protest against oppressive and non-consulted tax measures. He informed the media that nearly eight hours of negotiations were held via Zoom on July 18 , involving top government officials including Haroon Akhtar Khan, Chairman FBR Rashid Langrial, Bilal Azhar Kayani and others while from the LCCI, the meeting was attended by the LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, Former Presidents Mian Anjum Nisar and Muhammad Ali Mian, Former SVP Ali Hussam Asghar and former Vice President Faheem ur Rehman Saigol. During the discussion, the LCCI demanded urgent revisions and clarifications on Section 37AA, Implementation of E-Invoicing and e-bilty system, 16% sales tax on rent of properties and 20% tax on transactions above PKR 200,000. 'We asked for a public statement or at least official meeting minutes to share with our stakeholders. Neither was provided. This left us with no choice but to proceed with a strike,' said Mian Abuzar Shad. LCCI Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry said that we are patriots. We are willing to pay taxes. But we demand justice and inclusion in policymaking. Our protest is not for personal gain but to safeguard millions of livelihoods across the country.' The LCCI leadership said that business community has been invited at the LCCI on July 23 (Wednesday) to chalk out the next steps. LCCI President Mian Abuzar Shad made a appeal to Prime Minister Shahbaz Sharif and Deputy Prime Minister Ishaq Dar to hear our legitimate demands and help avoid a nationwide economic crisis. They said that this is not an individual's issue. This is about collective survival. Those who thought a strike would never happen should now open their eyes to the ground reality. They said that business community is the backbone of Pakistan's economy andtheir concerns must be taken seriously. The leadership warned that inaction will result in larger movements, but added that their doors remain open for dialogue. LCCI President Mian Abuzar Shad extended his thanks to national media. Meanwhile, Pakistan Hosiery Manufacturers and Exporters Association (PHMA) has joined hands with chambers and trade bodies across the country in a complete industrial shutdown to protest against the controversial arrest powers granted to the FBR under Section 37AA of the Income Tax Ordinance, besides calling for final tax regime and restoration of EFS in its original form for the export industry. The nationwide strike, observed today, was held on the joint call of the Lahore Chamber of Commerce and Industry and other business groups demanding immediate withdrawal of anti-industry laws introduced through the federal budget. Zonal Chairman of PHMA Abdul Hameed, along with former chairmen Shafiq Butt and Naseer Butt, announced the closure of hosiery units as part of the countrywide strike, warning that such legislation would only deepen the crisis facing Pakistan's export-oriented sectors. The PHMA leadership said the business community could no longer stay silent while draconian laws continued to erode the confidence of investors and exporters. They said the participation of PHMA in this strike was not symbolic but a complete operational shutdown in protest against what they termed economic strangulation by the government's policies. Abdul Hameed expressed grave concern over Section 37AA, which gives FBR officers the authority to arrest businesspersons without due process or prior investigation, merely on suspicion of tax evasion. He said this law is a clear violation of constitutional rights and a serious blow to the already fragile industrial environment of Pakistan. Abdul Hameed termed it a 'black law' that legitimizes harassment of genuine taxpayers and exporters, adding that the textile and hosiery sector is already grappling with liquidity shortages, inflated utility tariffs, and a shrinking export order pipeline. PHMA former chairman Shehzad Azam Khan said their protest goes beyond just one law. He reiterated key demands of the value-added textile sector, including restoration of the normal tax regime, a reduction in the discretionary powers of FBR officials, and immediate reinstatement of the original structure of the Export Facilitation Scheme (EFS). He criticized the sudden and unexplained changes made in EFS parameters, which he said had undermined the very foundation of a system meant to support exports. By altering the EFS framework without consultation, the government has left exporters with unmanageable procedural burdens and operational uncertainty, they added. The strike call had received overwhelming support from nearly all chambers of commerce and industrial associations across the country, including Karachi, Faisalabad and Sialkot. Thousands of industrial units, large and small, remained closed for the day as a mark of protest. PHMA leaders warned that if the government failed to meet the business community's demands, the protest could enter the next phase, including indefinite closures and international complaint filings by exporters who fear losing credibility among global buyers due to erratic policymaking at home. Shafiq Butt also demanded the withdrawal of unreasonable taxes imposed on cash withdrawals and raised serious objections to the e-invoicing system that has made compliance nearly impossible for small and medium-sized enterprises. Former chairman Shafiq Butt said the government's attempt to boost revenue by criminalizing business activity is short-sighted and self-destructive. He warned that such coercive measures would push more businesses into the undocumented sector rather than increase tax compliance. Naseer Butt echoed these concerns, saying industrial output is already below 60 percent capacity in several textile zones, and any further disruptions would be disastrous for exports and employment. PHMA leaders also urged Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb to hold urgent consultations with business stakeholders instead of relying solely on bureaucratic advice. They said restoring business confidence through fair taxation, regulatory stability, and policy consultation is the only path forward. They reminded the government that Pakistan's economic recovery depends heavily on exports, and any attack on the export base is equivalent to sabotaging the country's future. Copyright Business Recorder, 2025
