ISLAMABAD, August 18 (APP):Ministry of Commerce, through tariff rationalization and budgetary intervention, is promoting ‘Make in Pakistan’, which aims to reduce the import bill and boost exports, managing the problem of balance of trade.
According to two Years Performance Report launched by the government here Tuesday, various reforms have been initiated to better Commercial Intelligence, trade diplomacy, market access and also to follow the diversification of export products in international market.
The key objective of the policy is to diversify Pakistan’s exports, in terms of product diversification as well as geographical diversification.
According to the report, Value-addition to exports is another objective, particularly in the textile sector and food processing.
The government has prioritized the e-Commerce and digital industry’s growth to make it one of the key drivers of Pakistan’s economy for contributing achieving higher export growth through enhanced activities from e-Commerce platforms.
In order to enhance trade and increase outreach to major African economies, the Ministry of Commerce launched “Look Africa Policy Initiative” in 2017-18.
Among other steps under the policy, Ministry of Commerce relocated/opened six new Commercial Sections in addition to four already established Commercial Sections, to cover the top ten economies of Africa.
The Ministry of Commerce organized the first ever Pakistan-Africa Trade Development Conference (PATDC) on 30-31 January, 2020, in Nairobi, Kenya. Conference was attended by Official and Business Delegates from Twenty-Six (26) MINISTRY OF COMMERCE 37 African Countries, as well as Eighty-Five Pakistani companies from various sectors.
In order to provide an opportunity of networking to exporters from Pakistan and importers in Africa, B2B meeting Secretariat was established at the venue and a total of 1883 business meetings took place between Pakistani exporters and African buyers.
Despite ongoing pandemic Pakistan’s exports to Africa is witnessing growth.
In order to further strengthen trade ties with countries in the Middle Eastern region and the GCC various events were organized including Pak- Saudi Arabia Business Conference, Pak-Qatar Trade and Investment Forum were held in 2018-20.
Additionally, Qatar lifted the ban on Pakistani Rice and so far 48000 MT rice have been exported to Qatar.
Ministry of Commerce in collaboration with TDAP is organizing Pakistan’s participation in mega event of EXPO 2020 to be held in October 2021. Pakistan – Afghanistan business forum was organized in June, 2019 during visit of Afghan President to Pakistan.
The Third Biennial Review of the European Union GSP Plus (2018-19) has successfully concluded in March 2020 and the facility is to continue for Pakistan. The Strategic Economic Framework (SEF) was signed between Pakistan and Turkey.
The first ever Pakistan Turkey Business and Investment Forum were organized by Ministry of Commerce in partnership with the Turkish Ministry of Trade, and the Foreign Economic Relations Board of Turkey.
After extensive consultation with the public and private stakeholders, the Ministry of Commerce got the import duties reduced on 1639 Tariff Lines of raw materials and inputs in the annual budget 2019-20. Furthermore, the import duties of more than 1600 tariff lines have been reduced to absolute zero in the annual budget 2020-21.
In order to implement the first ever National Tariff Policy (NTP) 2019-2024, in line with the vision of Government, a number of measures have been taken like studies on Iron and Steel sector, tariff rationalization of 135 smuggling prone items, changing tariff structure under Make in Pakistan Initiative, exemptions of additional customs duty on 1623 Tariff Lines (primary raw material) and others.
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