Govt asked to slash regulatory duties on raw material

LAHORE:  UK-Pakistan Business Council Friday demanded the government to slash regulatory duties on raw material imported for export oriented sectors to boost exports for strengthening the national economy on sound footings.
It was stated by council chairman Mian Kashif Ashfaq while talking to a delegation of exporters led by Majeed Yousaf,convener travel and tourism committee of Lahore chamber which called on him here on Friday.
Mian Kashif said currently up to 40 percent raw materials were being imported on zero duty in Pakistan which he observed is insufficient and a high percentage of imported raw materials should benefit from pattern  which will promise pushing the export to a reason able level.
He said Pakistan collected 47 percent taxes on import stage which was the highest in the world. It is five percent in western nations,10 percent in Malaysia and even below 30 percent in India and Bangladesh he added.He said that government should also attach great importance to the promotion of a bilateral “Barter System” with Iran,central Asian states and Afghanistan by offering them package of incentives to their private sectors.
Mian Kashif further suggested that government also must focus on diversification of product range, sectors and geography under its strategic trade policy framework(STFF)  besides Pakistan full penetration in the traditional markets like EU,USA,and China.He said government should also work out a viable framework to explore non traditional markets in Central Asian republics (CARs) under its silk route reconnect policy besides searching for African region under the “Look Africa Policy”.
Majeed Yousaf who is also chief executive Citilink said Pakistan needs to introduce export culture and ministry of commerce should make all out efforts to ensure it in all sectors from industry to federal board of revenue as exports is very important to our country. He said that government first should provide uninterrupted gas to industry which is lifeline of national economy and now in prevailing scenario,the survival of any nation rested exclusively on sound economy.