LAHORE: Federal Minister for Commerce, Khurram Dastgir has said that the textiles exports of the country will be increased to $26 billion. He was talking to the representatives of the All Pakistan Textiles Mills Association (APTMA) here.
During the meeting, various issues of the textile industry were highlighted and it was noted that 30 percent of the capacity of the textile industry had been damaged due to the energy crisis and law and order situation.
The APTMA representatives sought the help of the government to save the industry from plunging further into crisis. The minister assured the representatives of all out support of the government and the Ministry of Commerce for the revival of the textile industry. He said that the government will help the sector in achieving zero-rating on exports. The minister lamented that during the last ten years, many FTA’s have been signed among various countries in the region, but Pakistan has not been very active in this sphere. He announced that an FTA with Turkey and Thailand is about to be achieved soon and negotiations have started in this regard.
He further assured the textile exporters that the exports of textiles will be increased to the prescribed target of $26 million. The minister informed that the government wants to keep the exports separate from the domestic taxation and the Prime Minister is soon going to establish a Business Advisory Council, which will meet after every 3 months to help mitigate the grievances of the business community and traders. He said that Sectoral Export Development Councils will be established to help improve the condition of exports of Pakistan. The government plans to create such institutions level-wise.
The Commerce Minister further announced that a Strategic Trade Policy Framework will be announced in July 2015 which will offer privileges to the exporters directly from the State Bank of Pakistan. He reiterated the resolve that the government of Prime Minister Nawaz Sharif was committed to give support to all the traders and domestic investors of Pakistan and is willing to help out the textile industry also and to address its problems.
