SIALKOT: The government has removed tariffs on more than half of the tariff lines that exporters are expected to capitalize on to increase their exports, a trade adviser said on Saturday.
Adviser to the Prime Minister of Trade and Investment Razak Dawood, the Ministry of Commerce has removed customs duties on 4,000 tariff lines of raw materials and intermediate inputs, which constitute 54% of all tariff lines, in order to stimulate industrial activity.
“Pakistan is moving in the right direction and the emphasis is on ‘doing in Pakistan’,” Dawood said in a meeting with businessmen from Sialkot Chamber of Commerce and Industry (SCCI ).
The trade adviser urged exporters to take advantage of the tariff reduction.
“We have succeeded in reversing deindustrialization and we are now moving from stabilization to growth,” he said.
Businessmen have expressed concerns about deindustrialization due to the lack of incentives for manufacturers and the flood of Chinese imports.
The advisor praised the efforts of the exporters to achieve the highest exports on record despite very difficult conditions at home and abroad. He also visited associations of ready-to-wear and exporters, manufacturers of surgical equipment, leather, sporting goods and gloves.
Dawood said Pakistan is doing very well compared to countries in the region. “I look to the exporters and in particular the business community of Sialkot to achieve even higher exports,” he said.
The trade deficit widened by 34.1% to $ 31.1 billion in the last fiscal year 2021/22, as merchandise exports and imports recovered significantly.
In July-June, merchandise exports rose 18.1 percent to $ 25.3 billion from $ 21.4 billion in the previous fiscal year, while merchandise imports rose 26.4 billion. % to $ 56.3 billion, according to data from Pakistan’s Bureau of Statistics.
The trade advisor informed the businessmen about this visit to Uzbekistan and encouraged them to focus on the market. As part of the policy of reconnecting Pakistan’s Silk Road, a transit trade agreement has been signed and a preferential trade agreement will soon be signed.
The countries decided to involve relevant chambers of commerce and export development and investment promotion agencies at the sixth meeting of the Uzbek-Pakistani Intergovernmental Commission for Trade, Economic, Scientific and Technical Cooperation in Tashkent, according to a report. communicated.
They decided to attract leading companies in the pharmaceutical, textile, leather, construction materials production and agriculture sectors.
The advisor also stressed the importance of Amazon and urged exporters to take advantage of this platform to connect with the global market.