The Ministry of Commerce will reduce the tariff on raw materials to steer the economic growth in the country, as per a tweet by the Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood.
ALSO READ
Company Owned by Overseas Pakistanis to Invest $10 Million in Gilgit-Baltistan
His tweet read “Ministry of Commerce always believes that reducing tariffs on raw material results in long-term growth & economic activity, which leads to greater domestic production and growth in exports. A good example is the growth of export of jute products”.
https://twitter.com/razak_dawood/status/1358765102183444482
ALSO READ
Trade Deficit Increases for Two Consecutive Months
Razak Dawood said that during Fiscal Year (FY) 2019-20 in 12 months, the export of Jute Sacks, Bags, and Fabrics was $12.57 million.
He explained that in the first six months of FY21, these exports stood at $8.72 million, adding that the number is projected to rise to $17 million for the full year, which will depict an increase of 38 percent compared to the previous fiscal year.
In a separate tweet, the adviser also revealed that the Ministry of Commerce has decided to hold a ‘Silk Route Connect’ conference in Tashkent, Uzbekistan in the upcoming summer.
