Says work underway to finalise PTA with Turkey
ISLAMABAD
Adviser to the PM on Commerce and Investment Abdul Razak Dawood has announced that the government has approved textile policy to boost the capacity of the industry with an aim to ensure sustainable growth in textile exports.
Dawood, while addressing a press conference on Wednesday, said the federal cabinet a day earlier approved the 3rd Textile and Apparel Policy aiming to consolidate the growth already achieved in the textile sector.
The adviser said one of the main objectives of the policy is to give internationally competitive gas and electricity tariff to the textile industry. He said the government has reduced duties on the import of raw material in the budget and this tariff rationalisation has been maintained in the policy. “Similarly, we will continue to provide financing facilities to the textile industry,” he added.
The adviser said that phenomenal growth is currently being witnessed in the textile sector. He said the textile exports are expected to touch $21 billion by the end of this fiscal year as compared to the $15 billion last year. He said there has been 26 percent growth in the textile sector.
Dawood also emphasised for greater value addition and diversification of products to tap the country’s potential in textiles. He said that one of the main objectives of this policy is to enhance exports of higher value-added products and geographical diversification.
It will also increase the economy of scales/production capacities and capacity Building in terms of infrastructure and supply chain development, marketing, compliances, and R&D, he further said.
He maintained that other objectives include formulating strategies to promote Made in Pakistan, facilitating international buying houses to establish offices in Pakistan and initiating mass level training programmes, especially for women and SMEs for skill development. He congratulated all the exporters for the remarkable achievement so far, adding that he is sure it will be maintained throughout the policy period. Separately in a statement on Wednesday, Dawood said that the Ministry of Commerce is in the process of developing a draft of the Preferential Trade Agreement (PTA) with Turkey. In this regard, he requested all interested individual manufacturers and associations to furnish their proposals to the Commerce Ministry by 15th March 2022. The agreement would help the Pakistani economy gain access to a growing market in Turkey and help bolster economic growth.
To note, during 1HFY22, Pakistan’s exports to Turkey were recorded at $157.7 million while imports from the country stood at $351.8 million. Last year, in February, the two countries signed an MoU on trade facilitation and customs cooperation. Both sides agreed to increase economic engagement to mobilise the untapped potential for increasing trade and investment.
