Abdul Razak Dawood, the Adviser to Prime Minister on Commerce has said that due to the global pandemic, exports decreased in April by 50 percent and home remittances also declined in this situation.
In a statement, he said country’s exports target of US$25 billion could not be achieved amid lockdown and it could decline to more or less to $ 22 billion.Abdul Razzak Dawood said Pakistan could get benefits from low oil prices in current evolving situation in international market and there would be no larger impact of Current Account Deficit (CoD) because of decline in petroleum prices.
Commerce Adviser vowed for opening the industrial sector in coming months to provide opportunity to the local exporters to get more benefits in current scenario and major shift in international trade market. He said that even in recent challenging situation Pakistan has opened various sectors including information Technology and sect vices sectors, which attracted the world to the Pakistan product in these sectors.
The Adviser said that Pakistan was receiving big orders of face masks and sanitizers. “We have also received huge demand of Hydroxychloroquine and Pakistan has exported raw material to Germany and Turkey and 1000,000 tablets to Saudi Arabia,” he added. He said that Pakistan wanted access in potential US market for this “We demanded the US government to eliminate the travel restriction for Pakistan to increase bilateral trade.” Adviser said that during the visit of Prime Minister Imran Khan, both the countries were agreed to start dialogue for searching the new avenues for bilateral trade in US and Pakistan.
The adviser said said that our trade agreement was going to expire in June 2021, and now “we are in preparation to negotiate with them.” Dawood said that Pakistan wants to increase the bilateral trade with Afghanistan but “we had some reservation and there is need to take some measures to protect the local industrial sector.”