Govt successfully implementing economic stability agenda: adviser

SIALKOT: The federal government is successfully implementing its agenda of economic stability, a senior government official said on Saturday.

Addressing a meeting of exporters at the Sialkot Chamber of Commerce and Industry (SCCI), Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood said: “We must focus on regional trade. We have very low trade with regions, while the EU regional trade is 90 per cent.”

Prime Minister Imran Khan’s visit to Uzbekistan was successful, in which 71 agreements were signed with Uzbekistan, he said, adding that Uzbekistan would also prove to be a gateway for Pakistan to other Central Asian Republics.

A preferential trade agreement (PTA) with Uzbekistan would be signed on September 30, 2021, he said, adding that it would be beneficial for Pakistan, as Uzbekistan has good relationships with the Central Asian Republics.

The single country exhibition was going to be held in Tashkent soon to promote a wide range of export goods, Dawood said, and urged the Sialkot exporters to participate and explore the opportunities internationally.

The government has made exports of products competitive in the Federal Budget 2021/22 by rationalising the tariff lines of over 4,000 raw materials, comprising around 42 per cent of the total imported raw material.

The adviser said that a meeting of businessmen and the chambers would be held with the prime minister after Eid-ul-Azha, to set the export targets for the next financial year.

He promised his full support in the resolution of all the issues presented by the Sialkot Chamber president, and the export sector would be facilitated to the maximum.

Dawood said that he would discuss the EXIM Bank issues with the finance minister soon. He congratulated the Sialkot exporters for increasing their exports. He also appreciated e-commerce training in Sialkot.

The adviser said the economic and industrial boost was on the government’s top economic agenda, for which the government was taking the business community into confidence.

The Sialkot exporters were playing a role of backbone in strengthening the national economy, he said, adding that the government was keeping the industrial wheel moving ahead.

The government’s policies would be helpful in establishing strong bases in the country, he said, adding that a strong industrial base was also vital for boosting and increasing national exports.

The government was making all-out efforts to boost the national economy, besides removing all hurdles in its way, he said, adding that the government was fully aware of the problems of the business community and making sincere efforts for their early solution.

Sialkot Chamber president Qaisar Iqbal Baryar informed the adviser about the issues being faced by the business community. He discussed various issues of the industry, including imposition of 5 per cent withholding tax on export companies on account of purchases from unregistered suppliers, decrease in percentage of rebate on sports goods, price fixation issue of beauty and single use instruments industry, release of funds from the Export Development Fund for child labour elimination programme, enhancement in duty drawback schemes, one-time settlement of time barred DLTL cases, establishment of a branch of EXIM Bank in Sialkot, etc.

Later, Dawood visited the Pakistan Readymade Garments Manufacturers and Exporters Association, and assured them that all the problems of the industrial sector would be resolved amicably.