Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood has said that Ministry of Commerce (MOC) has removed customs duties on 4,000 tariff lines of raw materials and intermediate inputs, which constitute 54 percent of all tariff lines, to stimulate the industrial activity.
The advisor said this during his visit to Sialkot Chamber of Commerce and Industry (SCCI) on Saturday where he was warmly received by the SCCI president, office-bearers of the chamber, exporters and businessmen.
In his address to the SCCI, the advisor lauded the efforts of the exporters for achieving the highest ever exports despite very difficult conditions at home and abroad due to the coronavirus pandemic and related lockdowns. He said that Pakistan did very well as compared to regional countries.
According to data shared recently by the Ministry of Commerce, export of goods grew by 18 percent to $25.3 billion during the fiscal year 2020-21.
The advisor said that the country is moving in the right direction, and the focus is “Made in Pakistan”. He urged the exporters to take advantage of removal of customs duties on 4,000 tariff lines of raw materials and intermediate inputs.
“We have successfully reversed the de-industrialisation and now we are moving from stabilisation to growth,” said the advisor. “I am looking towards exporters and especially the Sialkot business community to achieve even higher exports” Dawood said.
The advisor also highlighted the importance of Amazon and urged the exporters to take advantage of this platform to connect with the global market.
He also apprised the industrialists of visit to Uzbekistan and encouraged them to focus on the Central Asian market. He said that under the Ministry of Commerce’s Silk Route Reconnect Policy, a transit trade agreement has been signed with Uzbekistan and a preferential trade agreement (PTA) will soon be signed.
Pakistan and Uzbekistan on Wednesday last agreed to finalise bilateral Preferential Trade Agreement (PTA) within three months to further boost bilateral trade volume. At the 6th meeting of the Uzbek-Pakistani Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) held in Tashkent, both sides agreed to form joint working groups on agriculture, information technology, education and mineral sectors to boost cooperation.
The advisor also visited the Pakistan Readymade Garment Manufacturers and Exporters Association (PRGMEA), Surgical Association, Leather Association, Sports Goods Association and the Gloves Association.