HomeEconomy#Pakistan targets five countries for greater market access

#Pakistan targets five countries for greater market access

The increase in production of value-added goods is a good sign and rise in exports and decline in imports shows that the economy is on the right track, said Adviser to Prime Minister on Commerce Abdul Razak Dawood.

Speaking at an event of the Lahore Chamber of Commerce and Industry (LCCI), the adviser said 14% rise in exports and 18% fall in imports in July 2019 compared to the previous year showed that things were now moving in the right direction.

“We are rectifying things on the economic front that went wrong in the past,” he remarked.

Giving an overview of the economy, Dawood said Pakistan had a trader-led import and consumption-driven economy in the past. “Uncontrolled imports, under-invoicing, unsupportive tariff structures, and an irrational exchange rate led to the deterioration of the economy.”

He pointed out that big industries had stopped manufacturing and had started importing because there was 5% duty on finished goods as compared to 20% on the import of raw material

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