Economic Impact of Illicit Trade
Irfan Shahzad, Lead Coordinator, Institute of Policy Studies (IPS) spoke on “Economic Impact of Illicit Trade” in a seminar organized by Pakistan Broadcast Journalists’ Association with the title “Role of Media in Curbing Illicit Trade in Pakistan” on November 27, 2014.
The crux of his presentation was that illicit trade results in huge revenue losses for the government exchequer, discourages investment and legitimate innovation.
He highlighted that products of all sorts were either being smuggled into the country through porous borders with the neighbors, or counterfeits of several products are manufactured within the country’s boundaries, hurting the business of legitimate producers to a considerable extent.
He concluded with recommendations for raising the level of awareness, revisiting the legislation where required, and effective implementation of laws in place, with capacity building of the concerned government machinery.
