Fibre2Fashion: Pakistan’s Senate Standing Committee on Commerce and Textile feels the need for a long-term strategy and an integrated institutional approach to revive the textile sector. At a recent committee meeting in Islamabad chaired by Shibli Faraz, it expressed concern over the trade decline in the sector and sought a report from the commerce ministry on the issue.
The meeting was briefed about the closure of power looms and the free trade agreement with China, according to Pakistani media reports. Between 2012 and 2017, Pakistan’s trade deficit with China tripled, from $4 billion to $12.7 billion.
Pakistani businesses have been opposing the agreement as products in which Pakistan enjoys a competitive advantage are not covered by the Chinese side, which enjoys far wider access to Pakistan’s markets.