Pakistan set to give $2 billion blow to India

Pakistan set to give $2 billion blow to India

*ISLAMABAD - Pakistan set to give a $2 billion blow to India with imposition of 200 percent duties on Indian imports near $2 billion to Pakistan.*

*Following the imposition of 200 percent duty by India on all Pakistani products, the All Pakistan Textile Mills Association (APTMA) on Saturday demand reciprocal measure by imposing as much duty on all items imported here from India, hence virtually leaving Indian imports to Pakistan.*

The APTMA has asked Advisor to Prime Minister on Commerce Abdul Razaq Dawood for a 200 percent duty on all imports from India to Pakistan.

“This step is important as after the Indian elections, India will reduce the duties to normal again. The situation will not be a tangible one for Pakistan 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 in favour of India. Imposition of the duty on Indian products would help reduce the trade deficit, it added.

The association said the Pakistani industry was resilient and could source the required imports from other sources. “This will also diversify our sources of import and will be beneficial in developing world-class and quality textile products,” it said.

Pakistan’s major exports to India were worth $119.9 million in FY18 which included edible fruits and nuts and peel of citrus fruit and melons. While, the export of salt, sulphur, stone, plastering materials, lime and cement in FY18 was recorded $96.9 million.