Pakistan’s “Business Chronicle” reported that Abdul Razak Dawood, Pakistan’s Prime Minister’s Business and Investment Adviser, recently stated that the government will reduce textiles, medicines, chemicals, dairy products, food, footwear and other products in the federal budget for the next fiscal year. Tariffs on engineering raw materials.
Daoud said that the Pakistani Ministry of Commerce has always advocated “Made in Pakistan” and encouraged and supported the development of export-oriented enterprises. The budget for the fiscal year starting from 2019 is dedicated to reducing the cost of imported raw materials. He emphasized that Pakistan needs long-term persistence and unremitting efforts, objective and fair judgment of industries that need key support and development, and adjustment of existing tariff policies, in order to truly improve the competitiveness of export-oriented enterprises.
At present, the Pakistan’s Strategic Trade Policy Development Framework (2021-2025) submitted by the Pakistani Ministry of Commerce has been approved by the Pakistani Cabinet Economic Coordinating Committee (ECC). The department is currently targeting different industries such as fruits and vegetables, engineering, Industries such as poultry and rice formulate relevant development strategies.