ISLAMABAD: Ministry of Commerce (MoC) has termed the 2.01% increase in imports as nominal and turned down possibility of adverse impacts on national economy.
Pakistan’s major imports consist of petroleum; machinery and chemicals are essential items for economic development.
“This imports of items essential in nature increased and import of machinery increased by 16.1 percent, chemical 16.2 percent, petroleum 25.4 percent, metal 8.1 percent, food group 10.9 percent, transport 5.9 percent and textile 5.6 percent” a well placed official source told this scribe here on Friday.
However, the source said that MoC had taken numerous measures to increase the exports to reduce the trade imbalance to the maximum possible level. Ministry of Commerce announced several initiatives to enhance Pakistan’s export competitiveness and institutional strengthening.
These initiatives included, concessionary financing, mark support on plant & machinery, establishment of EXIM Bank, Services Trade Development Council, Trade in Services Wing, Trade Dispute Resolution Organization, Pakistan Land Port Authority and Leather Export Promotion Council.
Drawback of local taxes at the rate of 2-4 percents of FOB- realized value of enhanced exports has also been announced under SRO 177 (1)/ 2015 dated February 27 this year. Trade Development Authority of Pakistan (TDAP) is undertaking various export promotional activities through trade exhibitions and delegations.
Through active trade diplomacy, Government is trying to get better market access for the local businesses in international markets by concluding Free Trade Agreements (FTAs) and Preferential Trade Agreement (PTAs) with different countries.
Concessionary financing, duty free import of raw material under temporary importation scheme/Duty Tax Remission on Exports (DTRE), concessions in duty/taxes on import of machinery and raw material of priority export sectors. During the outgoing financial year imports increased to $45.98 billion from $45.07 billion in the previous fiscal year, showing an increase of 2.01 percent.
Moreover, MoC extended full support to female entrepreneurs in the organization of exhibitions and participation in foreign expos to showcase their products. In this regard, TDAP organized first WEXNET, the largest exhibition of Pakistan for women entrepreneurs.
The exhibition provided a platform to women from all over Pakistan and abroad to experience the competitive yet distinctive opportunity under one roof. Women entrepreneurs sold their products in leading market of Pakistan i.e. Lahore or Karachi.
There is no other place where one can find kachatanka of Multan, Kashmiri shawl, Gilgit-baltistan’s Gems and stones, Quetta’s unique embroidery, Sindhi Ajrak, Sialkot’s Leather products, Bahawalpur’s embroidery, Lahore fabric and food and much more.
The significant factor of this mega event was that found fine qualities products with multiple range of prices and able to find products according to his/her budget.
