Dawood calls for focusing on regional trade

ISLAMABAD/SIALKOT – Adviser to Prime Minster on Commerce and Investment Abdul Razak Dawood has said that the government is successfully completing its agenda of economic stability. Dawood said: “We must focus on regional trade. We have very low trade with regions. The EU regional trade is 90%.”

Advisor to Prime Minister on Commerce and Investment Abdul Razak Dawood stated this during his visit to Sialkot where he met exporters and businessmen. He was received by President of Sialkot Chamber of Commerce (SCCI) Qaisar Iqbal Baryar. In his address to the SCCI here on Saturday, he lauded the efforts of the exporters for achieving the highest ever exports despite very difficult conditions at home and abroad. 

He also visited the Pakistan Readymade Garment Manufacturers and Exporters Association (PRGMEA), Surgical Association, Leather Association, Sports Goods Association and the Gloves Association. He said that Pakistan was moving in the right direction, and the focus is “Make in Pakistan”. He said that to stimulate the industrial activity, the Ministry of Commerce (MOC) has removed Customs Duties on 4000 tariff lines of raw materials and intermediate inputs, which constitute 54% of all tariff lines. He urged the exporters to take advantage of this. “We have successfully reversed the de-industrialisation and now we are moving from stabilisation to growth.” 

Govt is fully aware of problems of business community and making sincere efforts for their early solution

He said that 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” Mr. Dawood said. He also apprised them of visit to Uzbekistan and encouraged them to focus on this market. Under MOC’s Silk Route Reconnect Policy, a transit trade agreement has been signed and a PTA will soon be signed. 

He also highlighted the importance of Amazon and urged the exporters to take advantage of this platform to connect with the global market. Dawood said that Prime Minister Imran Khan’s visit to Uzbekistan was a successful visit, in which 71 agreements were signed with Uzbekistan. He said Uzbekistan would also prove to be a gateway for Pakistan to other Central Asian countries.

Dawood said that the preferential trade agreement (PTA) would be signed on Sept 30, 2021. Uzbekistan has good relationships with the Central Asian Republics, he added. He said that single country exhibition was going to be held in Tashkent (Uzbekistan) soon to promote a wide range of export goods. He urged the Sialkot exporters to participate and explore the opportunities internationally.

He said that the government had made products exports competitive in the federal budget 2021-22 by rationalising the tariff lines of over 4,000 raw materials, comprising around 42% of total imported raw material.

Dawood added that a meeting of businessmen and the chambers would be held after Eidul Azha with the prime minister, to set the targets of exports for the next financial year.

Dawood promised his full support in resolution of all issues presented by the SCCI president, and the export sector would be facilitated to the maximum. He said he would discuss the EXIM Bank issues with the finance minister soon. He congratulated Sialkot exporters for increasing their exports. He also appreciated e-commerce training in Sialkot. Dawood said that economic and industrial boost was on top of the economical agenda of the government, for which the government was taking the business community into confidence. He said the Sialkot exporters were playing a role of backbone in strengthening the national economy.

He said that the government was keeping the industrial wheel moving ahead. He said that government’s policies would be helpful in establishing strong bases in the country. He said that strong industrial base was also vital for boosting and increasing the national exports, adding that all impediments would be removed from the way of promotion of exports. He said the government was making hectic efforts to boost national economy, besides removing all hurdles in his way. He said the government was fully aware of the problems of business community and making sincere efforts for their early solution.

SCCI President Qaisar Iqbal Baryar informed the participants of the meeting about the issues being faced by the business community. He discussed various issues of the industry including imposition of 5% Withholding Tax on export companies on account of purchases from unregistered suppliers, decrease in percentage of rebate on sports goods, price fixation issue of beauty and single use instruments industry, release of funds from EDF for child labour elimination programme, enhancement in duty drawback schemes, one-time settlement of time barred DLTL cases, establishment of branch of EXIM bank in Sialkot, facilitation in establishment of Business-to-Business-to-Consumer framework by the SBP, establishment of e-commerce incubation training centres in Sialkot, permanent representation of SCCI in EDF Board, initiation of back-to-back letter of credit for 5 export-oriented sectors.

Article source: https://nation.com.pk/18-Jul-2021/dawood-calls-for-focusing-on-regional-trade