Government stops de-industrialization for increasing exports: Razak Dawood

ISLAMABAD: Adviser to Prime Minister on Commerce, Textiles, Industry and Industries Abdul Razak Dawood on Monday said that due to economic reforms’ measures, the government has stopped the de-industrialization from country that started from last decade.

The government has given huge incentives to the local industries for industrial growth, including to textiles and manufacturing sectors to boost the country’s exports for earning more revenue, he said this while speaking at the launching ceremony of Pakistan Economic Survey, 2018-19 along with Adviser on Finance  Dr. Abdul Hafeez Sheikh here.

The adviser said that because of prudent economic policies of the current government the industrial units in all big cities including Karachi, Lahore and Faisalabad received more orders in last few months as compare to the previous years.

He said that local industries had received more demands order from foreign countries in current government which indicates that our exports would increase more in coming fiscal year.

While pointing on the performance of PTI government, Razak Dawood said Sino Pakistan, Free Trade Agreement (FTA) Phase II was recently signed between the two countries and in FTA Phase II, both sides removed all drawbacks from the previous FTA that was signed in 2007.

He added that in negotiation of FTA Phase II, the government managed to get market access on 313 tariff lines in potential Chinese market.

The adviser said that priority of the government was to get market access in potential international markets including Association of South East Asian Nations (ASEAN), Pacific and North American countries.

He said that Indonesia has granted duty free access in 20 items through Preferential Trade Agreement (PTA).

He said that Pakistan’s trade deficit had declined by $ 4.5 billion in past few months and expected that by end of current fiscal year the country’s trade deficit would further shrunk to $ 5 billion.

He said that “We are facing huge trade deficit since the era of previous government and he expects that trade deficit would be decreased in coming months.