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Trade deficit can be restrained via ‘import deletion’ under PPP
DNA
The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has asked the government to give the export industry status to the local vending industry, which is fully capable of bridging the huge gap of ever-rising trade deficit not only through enhancing exports but also controlling unbridled imports through ‘import deletion’ of industrial replacement parts.
In a letter, written to the Federal Minister for Industries and Production Hammad Azhar, the association has asked the government that there is a huge possibility of ‘import deletion’ of industrial replacement parts, in addition to the automotive parts, through public-private partnership (PPP). “Through ‘import deletion’ we can minimize our dependence on imported goods by using reverse engineering technology in Pakistan under public-private partnership in line with the Chinese model, preventing the rapid outflow of billions of dollars spent on imported merchandize,” said Convenor Business Development Committee PAAPAM MR Mirza Sikander Baig in the letter.