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Friday, June 25, 2021

It takes all to succeed: Khaqan

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ISLAMABAD: Federal minister for commerce Mr. Shahid Khaqan Abbasi said that Ministry of Commerce has always sought views of all the stakeholders for successful decision making. While addressing the 59th meeting of advisory council for the ministry of commerce on trade policy, the minister said that the trade policy gives an opportunity for the traders to improve their production and increase the exports of the country.

He expressed that poor coordination could affect the trade adversely. Enhancing the exports could bridge the trade gap. The minister termed the textile as the main commodity of export. The minister said that he is cognizant of the fact that they have to improve the domestic commerce as well.

President Federation of Pakistan chamber of commerce and Industries (FPCCI) Mr. Tanvir Sheikh also addressed the council. He termed the higher growth in imports as the major cause of rapid increase in trade deficit. The exports oriented industries are successfully maintaining their exports targets, he said. However the rate of growth in import is much greater than the targeted growth.

The president FPCCI observed that the use of imported luxury goods is being more common. During the first nine months of current fiscal year, Pakistan spent more than 1.8 billion dollars on the import of transport goods. At the end of his speech he said, we expect a forward looking and pragmatic trade policy for the year to come. He hoped that the forthcoming trade policy would bring radical changes in the exports history of the country.

The various stakeholders desired for the enhancement of export by addressing sectors like agriculture, engineering and value added sector of textile. They said that oil and electricity rate has increased the cost of doing business, and in order to make such sectors as export oriented sectors the input cost must be reduced through rationalizing the taxes and duties on their imports. Some of the participants demanded ban on raw leather and metal. The export industry also demanded marketing, display centers and warehouses for better export.

At the end of the session the secretary commerce Syed Asif Shah said, we heard all the stakeholders; we will also take the proposals in written. If needed they will be consulted again. After taking all the suggestions and consultations, the trade policy will be framed, he said.-SANA

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Rubab Saleemhttp://www.rubabsaleem.com
Rubab Saleem is Editor of Pakistan Times
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