News Desk |
Syed Mazhar Ali Nasir, Senior Vice President, FPCCI, during his recent visit to Turkey raised matters related to textile and surgical goods imported from Pakistan. Meanwhile, Indonesia unilaterally announced concessions on 20 tariffs and Chinese delegations have arrived for purchasing high-quality fabric.
According to FPCCI sources the official while attending CACCI Business Forum – 2018 held in Istanbul also called on – Turkish Vice-President Faut Oktay and discussed the rise in duties on textile goods imported by Turkey from Pakistan.
Abdur Razak Dawood said the government is committed to narrow the trade deficit and in this regard, a comprehensive strategy is being initiated to get market access to potential markets of the world.
Nasir brought into the notice of Turkish Vice President that increase in the duty from 18 percent to 26.4 percent had resulted in the reduction of exports of Pakistan to Turkey. It was said to had declined by 69 percent, that is, to 282 million dollars in 2017 from 906 million dollars in 2011.
Syed Mazhar Ali Nasir was said to have also referred to the export of surgical instruments being produced in Sialkot (Pakistan) and imported by Turkey under German brand Names. FPCCI official submitted before the Turkish Vice President that strong brotherly relations between the two countries must be stabilized in the economic-terms too.
Seeking regular dialogue between business communities of the two countries, Nasir suggested single country exhibitions and B2B meetings. Indonesia has notified unilateral concession on twenty tariffs to Pakistan to provide it more market access through expansion of Preferential Trade Agreement between the two countries.
Read more: Textile Industry: 100 mills to open as Govt allows subsidy
This was stated by Adviser to Prime Minister on Commerce, Textiles and Investment, Abdul Razak Dawood while addressing a press conference in Islamabad. The Adviser said the concession will provide market access to Pakistan’s textile and agriculture items including rice, mangoes, and citrus, ethanol, home textile, and towel.
He said after this trade facility, there would be a further increase of around one hundred fifty million dollars in Pakistan’s exports to Indonesia. Abdur Razak Dawood said the government is committed to narrow the trade deficit and in this regard, a comprehensive strategy is being initiated to get market access to potential markets of the world.
Nasir brought into the notice of Turkish Vice President that increase in the duty from 18 percent to 26.4 percent had resulted in the reduction of exports of Pakistan to Turkey.
He said the Ministry of Commerce has evolved a comprehensive National Tariff Policy, which would be presented before the Cabinet for approval today.
Meanwhile, A Chinese delegation from China National Textile & Apparel Council (CNTAC) led by CEO Textile Mills Management, Shahid Nazir Masood and CEO of Shanghai Challenge Textile Mr. Robert, visited Punjab Board of Investment and Trade. The objective of the visit was their keen interest in developing business in Pakistan specifically in the textile sector for changing the economic landscape of the country.
CEO PBIT Burana welcomed the delegation and briefed them about the core functions of PBIT as an Investment Promotion Agency. He stressed on two types of investments, one that is immediate by the acquisition of potential points of existing textile industry and the other one of Greenfield Investments. He highlighted that the new government is highly interested in strengthening the economic bond between the two countries in the light of CPEC and OBOR.
Read more: Non-Textile exports: Pakistani industry coming back to life?
He told the delegation that a team will be designated from PBIT that will work with them in order to identify potential opportunities in the specific sector. He further said that the Investment Advisory Team of PBIT will facilitate them regarding the entire procedures for establishing or expanding the businesses in Punjab through its Special Economic Zones such as Quaid-e-Azam Apparel Park.