Saturday September 25, 2021

Govt withdraws duties on 4,000 tariff lines

Govt withdraws duties on 4,000 tariff lines

SIALKOT: The government withdrew customs duties on more than half of tariff lines which exporters should capitalise on to increase exports, commerce adviser said on Saturday.

Adviser to Prime Minister on Commerce and Investment Razak Dawood the ministry of commerce 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.

“Pakistan is moving in the right direction, and the focus is on ‘make in Pakistan’,” Dawood said addressing a meeting with businessmen at Sialkot Chamber of Commerce and Industry (SCCI).

Commerce adviser urged exporters to take advantage of the reduction of duties.

“We have successfully reversed the de-industrialisation and now we are moving from stabilisation to growth,” he said.

Businessmen have been voicing concerns over de-industrialisation due to lack of incentives for manufacturers and inundation of Chinese imports.

The adviser lauded the efforts of the exporters for achieving the highest ever exports despite very difficult conditions at home and abroad. He also visited the associations of readymade garment and exporters, surgical, leather, sports goods and gloves manufacturers.

Dawood said Pakistan did very well as compared to regional countries. “I am looking towards exporters and especially the Sialkot business community to achieve even higher exports,” he said.

Trade deficit widened 34.1 percent to $31.1 billion during the last fiscal year of 2021/22 as merchandise exports and imports were seen significantly recovering.

In July-June, exports of goods rose 18.1 percent to $25.3 billion from $21.4 billion in the preceding fiscal year, while imports of goods increased 26.4 percent to $56.3 billion, Pakistan Bureau of Statistics data showed.

Commerce adviser apprised the businessmen of this visit to Uzbekistan and encouraged them to focus on the market. Under Pakistan’s silk route reconnect policy, a transit trade agreement has been signed and a preferential trade agreement will soon be signed.

The countries decided to involve the relevant chambers of commerce, and export development and investment promotion agencies during the sixth meeting of the Uzbek-Pakistani Intergovernmental Commission on Trade-Economic and Scientific-Technical Cooperation in Tashkent, according to a statement.

They decided to attract leading companies in pharmaceuticals, textile, leather, production of construction materials and agriculture industries.

The adviser also highlighted the importance of Amazon and urged the exporters to take advantage of this platform to connect with the global market.