Pakistan business community urges PM Shehbaz to initiate trade with India

ISLAMABAD: Pakistan’s business community has urged Prime Minister Shehbaz Sharif to initiate trade with India and “shake hands” with jailed former PM and PTI founder Imran Khan as steps to bring economic and political stability to the country.

At a meeting with business leaders in Karachi on Wednesday, Sharif assured them he would consider their suggestions seriously and, in consultation with them, would form a comprehensive policy framework to ensure export-led growth and resolve Pakistan’s foreign exchange reserve crisis.

He sought their support to double export volumes over the next five years of his govt’s term.

Sharif sat down with business leaders as his country is seeking a new, longer-term and larger IMF loan. Islamabad, according to finance minister Muhammad Aurangzeb, could secure a staff-level agreement on the new programme by early July.

Following the PM's brief address, the house was opened for a question and answer session where business leaders voiced their appreciation of the government’s recent moves but made more demands. They also shared proposals for economic measures to accomplish the intended goals and expressed concerns about political instability.

“You have made a few handshakes after taking charge that have produced good results and progress on the IMF deal is one of them,” said Arif Habib, a top Pakistani entrepreneur. “I suggest you do a few more handshakes. One of them is regarding trade with India, which would greatly benefit our economy. Secondly, you should also patch up with a resident of Adiala Jail (a reference to jailed PTI leader Imran Khan). Try to fix things at that level as well, and I believe that you can do it.”

The PM avoided responding directly to questions aimed at political stability, but claimed to have noted down his proposals for economic growth and assured him that he would soon invite businessmen from all across the country to Islamabad and sit with them “till all the issues aren’t resolved”.

Pakistan had downgraded its ties and suspended trade relations with India after the Modi-led govt changed the special status of Jammu and Kashmir in August 2019. Since then, Pakistan has linked its decision to normalising ties with India with the restoration of the special status of the Himalayan region.

However, Pakistan’s incumbent govt, with the tacit approval of the military establishment, has been trying to create an environment conducive for business and trade ties.