ISLAMABAD – Adviser to Prime Minister on Commerce, Textile, Industry andProduction, and Investment, Abdul Razak Dawood on Tuesday said thecountry’s exports would cross $25 billion benchmark and are expected to goas high as $27 billion by June 30, 2019.He said that owing to the prudent policies of incumbent government, thecountry’s exports witnessed an increase of $1 billion in the past sixmonths as well $600 million in previous December of 2018.
He said said “We are expecting $ 1 billion increase in the country’sexports in current months of January.”From the outset, industrial growth, low exports and trade gap in thecountry were the biggest challenges for the government but the economicteam, under the leadership of Finance Minster Asad Umer, initiated reformsprocess for economic growth, the adviser said during an interactive meetingwith media person along with Secretary Commerce, Muhammad Younus Dhaga atCommerceMinistry.
He informed that the media that draft of new commerce policy was ready forapproval fromcabinet within the next few days.
The Adviser said the government has introduced the reforms package foreconomic growth,in which “we want to give a direction to economy.”
The government attaches priority to the five major sectors includingenergy and now “ We will reduce duties on raw material on the inputs of 15different sectors including footwear, white goods, polestar, leather, homeappliances and chemicals except steel sector.”
In reforms package, ‘We have restructured the duties on different sectorsfor increasing ourexports”, he added.
The Adviser said the government intended to decrease imports, especiallyin the petroleumcommodities including furnace oil.
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Replying to a question, he said that three Chinese and Russian companieswere interested to make investment in Pakistan Steel Mills (PSMs) Karachiand hopefully deal would be finalizedin March.
He further added that the government had three options regarding PSMs,including theprivatization, lease or self-management by PSM.
Replying to a question, the Adviser said that Pakistan has been enjoyingfree market accessthrough Generalized Scheme of Preferences (GSP-Plus) for increasing exports.
Secretary Commerce, Muhammad Younus Dhaga said that “We regulate ourimportsaccording to the law of World Trade Organization (WTO) and there would beno harm to Free Trade Agreement (FTA) with any country.
He said that the policy will provide cheap raw material to industry forenhancing country’sexports through proper mechanism.
