JUP-NS opposes trade with India

Monday, July 21, 2008 By Our Correspondent LAHORE THE Jamiat Ulma-e-Pakistan Nifaz-e-Shariat (JUP-NS) has condemned the federal government’s decision to improve trade ties with India, announced in the new trade policy. Addressing a press conference here on Sunday, JUP-NS President Engr Salimullah Khan said the trade ties with India would adversely affect the local industry, adding that the new trade policy would lead to further inflation, decrease the exports to Rs 7 billion and increase imports to Rs 40 billion, leading to further trade deficit. “The trade policy is aimed at increasing the profit margin of investors and the government was bent upon increasing the gap between the rich and poor segments of society,” he said. Criticising the decision to promote trade ties with India, he said Pakistan would be forced to buy spare parts of the equipments it planned to buy from its neighboring country, which would harm the local industry. He also said the tax free import of machinery would also force closure of the local industry. He asked the government to break free of the conditions imposed by international economic forums like the World Trade Organisation and the International Monetary Fund, warning that failure to do so would help increase inflation and poverty.