Islamabad: The government has extended the export enhancement package for the next three years with the conditions as same as before to encourage non-traditional exports of the country.
Aliya Hamza Malik; the Parliamentary Secretary for Textile informed the National Assembly that under this extended package, the new export items such as auto parts and its accessories, transport equipment, stationery, machinery, furniture, fruits, meat and meat preparation, as well as vegetables, have been included.
She further said that the tariffs for LNG (Liquefied Natural Gas) have been lowered in Punjab to ensure to bring it at par with the other provinces. Furthermore, there has been no increase in the price of gas for export industries that includes carpet, sports goods, jute, textile, surgical goods, and leather. The economic package aims to support the economic growth of the country with custom duties and regularity duties on 236 tariff lines of the rea materials and the intermediate products are reduced.
Aliya Hamza Malik further added that the cotton yarn duty has also been reduced to 0% from 10% whereas the export rates have been increased by 3% for the exporters. The Parliamentary Secretary told the National Assembly that low electricity cost is going to reduce the cost of the business whereas by adding that tariff increase will not affect the major exports.
Regarding trade with India, Aliya Hamza informed that due to recent tensions with India over the Kashmir concerns, the NSC (National Security Committee) meeting has decided to halt all the bilateral trade with the country (India) while details of the ongoing trade will also be shared soon with the house i.e. National Assembly.
She further added that it is good news that Pakistan’s imports have reduced in the last 10 months whereas the exports have increased. This indicates the betterment for the economy of the country.
In the end, the National Assembly offered fateha for the departed souls who were martyred in a bomb blast in Quetta city along with the people who got martyred in cluster bombs in Azad Jammu and Kashmir as well as for three people who died in River Chitral during the recent floods in Pakistan.