New Regulations Imposed on Pak-China Trade: Businessmen Required to Conduct Transactions of 5 Million Rupees Annually

New regulations have been introduced for traders involved in Pak-China business, mandating that businesspeople must conduct transactions amounting to 5 million rupees annually.

In a conversation with V News, a trader associated with Pak-China business, Mohammad Ismail, expressed concern, claiming that the new regulations are an attempt to render businesspeople unemployed. He questioned how a small business could maintain an account with 5 million rupees, calling it an injustice and a conspiracy to render future generations jobless.

He further added that traders are already registered with the Chamber of Commerce and suggested allocating 4 lakh rupees for small businesses while implementing a more organized system. Ismail strongly opposed the new SOPs, stating they do not serve the interests of the traders.

Ismail also highlighted the difficulties faced by traders at the Pak-China border, claiming that they are subject to injustice and mistreatment compared to other border trades. He revealed that an all-party meeting would be held in February to discuss better solutions for addressing traders’ issues.

Regarding the treatment of traders at the Pak-China border, Ismail mentioned that all traders are subjected to the same treatment, but since Gilgit-Baltistan is a disputed region without representation in the National Assembly or Parliament, their voices go unheard, leaving them vulnerable to unfair treatment. He clarified the misconception that no taxes are imposed on traders from Gilgit; in fact, they are taxed just like any other traders, while trade at the Torkham border remains tax-free for locals.

Ismail also accused senior officials of issuing border passes to their relatives, which harms local businesspeople. He expressed concern that if people from across Pakistan were given border passes, the young traders from Gilgit-Baltistan would suffer severe losses and face unemployment.

On the other hand, Rahmat Ali, President of the Hunza Chamber of Commerce, supported the new regulations. He explained that when traders from the region violate laws in China or other countries, it damages the reputation of the entire area and country. He suggested that border passes should only be given to those directly involved in business to strengthen Pak-China relations and trade.

Ali also expressed his support for the annual 5 million rupees transaction requirement, stating that the new regulations are necessary to improve the business environment.

The Deputy Secretary of the Gilgit-Baltistan Home and Prisons Department clarified that the new SOPs are still in preparation and have not been officially issued yet. He emphasized that businessmen should conduct at least 5 million rupees worth of transactions annually. Meetings with the Chamber of Commerce and Industry have been held, and the process of finalizing the SOPs is ongoing.