LAHORE: Federal Minister for Commerce & Textile Muhammd Pervez Malik has said that regulatory duty on steel will be abolished while government has deffered second phase of FTA with China on demand of the Lahore Chamber of Commerce & Industry.
While talking to the LCCI President Malik Tahir Javaid, in an exclusive meeting on Wednesday, Federal Minister said that concrete measures are being taken to boost the country’s exports. Secretary Commerce Mr. Javed, DG Trade Policy Muhammad Ashraf and LCCI Secretary General Shahid Khalil were also present.
Pervez Malik said that new and unconventional avenues are being focused for Pakistani merchandise to yeild the desired results. He said that role of business community is important for economic stability of the country which is highest priority of the present regime. He said that government has opened all economic areas to achieve the goals of economic growth. He urged the private sector to become proactive to meet international standards & better marketing of products to compete effectively.
Pervez Malik said that businessmen should identify hurdles in the way of value addition of products and share with government to address problems. He urged businessmen to explore the untapped markets of middle east and Europe which offer good potential for improving trade and exports. He said businessmen should come up with creative solutions for improving tax revenue. He assured that government would provide infrastructure and play the role of facilitator while entrepreneurs have to take the lead to improve trade & exports and the economy.
The LCCI President Malik Tahir Javaid said that major factors contributing in decline of Pakistan’s exports are high cost of doing business, lack of product and market diversification, low level of technological advancement, non-compliance of international quality standards, underdeveloped human capital and unskilled labour. Following are the recommendations based on our findings to restrict unnecessary imports and enhance exports of value added products:
He said that a value addition (through technological advancement and skilled labour) push is highly recommended. Pakistan has to move from low value-added to technology-intensive high-value-added manufacturing in order to get its share in international trade. The Government must facilitate this process through new industrial reforms and trade facilitations to promote exports of high value added and sophisticated products.
Malik Tahir Javaid said Pakistan existing exports basket (product mix) and exports destinations need to be enhanced. By providing a broader base of exports and diversification, Pakistan can lower instability in export earnings, expand export revenues, upgrade value–addition and enhance growth through many new markets and products.
He said that Pakistan needs to get free or preferential market ac
