Islamabad, Mar 2 (Online): The decrease in foreign exchange reserves has become a major threat to domestic exports.
German Ambassador Alfred Grannas wrote a warning letter to the Federal Minister of Economic Affairs.
He threatened serious economic consequences for not opening the LC for German electric cars.
State Bank is not allowing to open LC for import of electric cars, said German Ambassador.
If the LC is not opened immediately for German cars, the benefits of Generalised Scheme of Preferences Plus (GSP+) will be reduced.
By not opening the LC of German electric cars, a step against mutual trade has been taken, the German ambassador said.
Germany is the largest buyer of Pakistani products in the European Union, and also provided full financial support to Pakistan in recent floods.
If the LC of German electric cars is not opened, Pakistan will have to bear irreparable loss.
Requesting the Federal Minister of Economic Affairs to solve the problem immediately through a warning letter. Germany is the largest trading partner in the European Union.
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