The Ministry of Commerce will reduce the tariff on raw materials to steerthe economic growth in the country, as per a tweet by the Adviser to thePrime Minister on Commerce and Investment, Abdul Razak Dawood.——————————
His tweet read “Ministry of Commerce always believes that reducing tariffson raw material results in long-term growth & economic activity, whichleads to greater domestic production and growth in exports. A good exampleis the growth of export of jute products”.
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Razak Dawood said that during Fiscal Year (FY) 2019-20 in 12 months, theexport of Jute Sacks, Bags, and Fabrics was $12.57 million.
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He explained that in the first six months of FY21, these exports stood at$8.72 million, adding that the number is projected to rise to $17 millionfor the full year, which will depict an increase of 38 percent compared tothe previous fiscal year.
In a separate tweet, the adviser also revealed that the Ministry ofCommerce has decided to hold a ‘Silk Route Connect’ conference in Tashkent,Uzbekistan in the upcoming summer.
