Trade deficit can settle around $16bn: Khaqan Abbasi

KARACHI: Country’s trade deficit can settle around $16 billion during the current financial year, says Federal Commerce Minister Shahid Khaqan Abbasi. Talking to newsmen during a visit of Trade Development Authority of Pakistan (TDAP) here on Tuesday, he cited soaring prices of oil in international market, import of food items and rising prices of palm oil as major contributors in burgeoning trade deficit. About any short-term plan to contain this deficit, he said that it could be reduced through increase in exports, however at the moment it is hard to have quantum jump in exports whereas the domestic requirements also make it difficult to cut the import bill. When asked about boosting trade ties with India, Abbasi held the political issues especially Kashmir dispute as major obstacles to move forward. “It is difficult to grant Most Favoured Nation status to neighbouring country without resolving the main dispute of Kashmir”, he stated.

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