Unveiling the Truth: Pakistan’s Staggering Loss of Rs700 Billion Due to Illicit Trade Activities
A recent report by a renowned international research organization has revealed a shocking reality – Pakistan has suffered an annual loss of over Rs700 billion due to illicit trade practices. Director General of Trace It, Geoffrey Hardy, in collaboration with economic research firm Prime, highlighted the devastating impact of undocumented and illegal trade on Pakistan’s economy. The report indicates that 40 percent of the economy is affected by activities like smuggling and counterfeit goods, resulting in massive financial losses. With high inflation rates fueling smuggling operations, urgent measures are needed to combat this issue and protect Pakistan’s economic stability.
Among the most alarming findings, fake medicines and tire smuggling alone account for billions in losses, with counterfeit cigarettes and tea also contributing to substantial financial setbacks. Dr. Ali Salman, executive director of an economic research institute, emphasized the role of escalating taxes and tariffs in exacerbating the problem. Despite government efforts, challenges persist, with inadequate customs officials and porous borders posing significant obstacles. It is imperative to implement enhanced measures to combat trafficking and safeguard Pakistan’s economy from further harm.