Government to Reduce Tariff on Raw Material: Abdul Razak Dawood

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.

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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”.

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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.