Hyderabad Chamber of Small Traders and Small Industry President Saleem Memon has paid great tribute to the positive, balanced and effective diplomatic role of the Islamic Republic of Pakistan in the context of the recent tension in the Middle East, saying that Pakistan has given practical proof of being a responsible and dignified state in establishing peace at the global level.
He particularly appreciated the diplomatic efforts led by Field Marshal, Chief of Army Staff General Seyed Asim Munir Ahmed Shah and Prime Minister Mian Shahbaz Sharif and said that Pakistan’s role in achieving a two-week ceasefire is very important, timely and proud, which not only helped avert a major humanitarian tragedy but also played a key role in saving the region from a potentially devastating war.
Saleem Memon said the ceasefire has immediately triggered encouraging economic signals around the world. International crude oil prices have fallen significantly from around $110 per barrel to nearly $90, resulting in improved market stability and reducing global uncertainty. This reduction will benefit a country like Pakistan, which has an import-dependent economy, and will surely lower petroleum product prices while also bringing a remarkable reduction in inflation.
He also stated that right after the ceasefire declaration, the Pakistan Stock Exchange experienced an extraordinary boom, with the KSE-100 index recording a historic gain of more than 12,000 points. This boom is clear proof that the business community is showing full confidence in Pakistan’s diplomatic role and the prospects for peace in the region.
The Chamber President said this is a welcome development for the business community, as lower oil prices will reduce production and transport costs, thereby increasing export competitiveness and providing relief to small traders and industrialists. He demanded that the Government of Pakistan immediately pass on the benefit of the reduction in global oil prices to the people and significantly reduce petrol and diesel prices so that real relief can be provided to the people and the business community burdened by inflation.
