*ISLAMABAD – Pakistan set to give a $2 billion blow to India withimposition of 200 percent duties on Indian imports near $2 billion toPakistan.*
*Following the imposition of 200 percent duty by India on all Pakistaniproducts, the All Pakistan Textile Mills Association (APTMA) on Saturdaydemand reciprocal measure by imposing as much duty on all items importedhere from India, hence virtually leaving Indian imports to Pakistan.*
The APTMA has asked Advisor to Prime Minister on Commerce Abdul RazaqDawood for a 200 percent duty on all imports from India to Pakistan.
“This step is important as after the Indian elections, India will reducethe duties to normal again. The situation will not be a tangible one forPakistan if we don’t impose the reciprocal duty right now,” it said.
The APTMA said that the balance of trade between the two countries was infavour of India. Imposition of the duty on Indian products would helpreduce the trade deficit, it added.
The association said the Pakistani industry was resilient and could sourcethe required imports from other sources. “This will also diversify oursources of import and will be beneficial in developing world-class andquality textile products,” it said.
Pakistan’s major exports to India were worth $119.9 million in FY18 whichincluded edible fruits and nuts and peel of citrus fruit and melons. While,the export of salt, sulphur, stone, plastering materials, lime and cementin FY18 was recorded $96.9 million.