Pakistan is the country most severely affected by illegal trade in Asia,causing the national economy to face losses of billions of rupees. Thisstatement was made by the Pakistan Business Council.
According to officials, the overall volume of illegal trade in documentedand undocumented economy is 10%. Illegal trade is causing an annual loss of800 billion rupees to the economy.
The magnitude of illegal trade is substantial, and measures need to betaken to rectify it. PBC correspondents have stated that funding andsupport for illegal trade come from criminal elements involved inunder-invoicing, hawala transactions, worker remittances, and thedepreciation of the rupee.
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They also mentioned that those engaged in illegal trade exploit labor, harmthe environment, sell substandard and dangerous goods, and weaken effortsto control it, while incentivizing tax evasion.