Pakistan’s new minister for commerce and textile Muhammad Pervaiz Malik is determined to enhance the country’s declining textile exports by resolving traders’ issues. After assuming office on August 8, Malik said the government will expedite the finalisation of preferential and free trade agreements with various countries and tax refunds to exporters.
The minister, an industrialist from the crisis-hit basic textile sector, was briefed on the three-year Strategic Trade Policy Framework, under which the government had set unrealistic exports target of $35 billion by June 2018, according to media reports in Pakistan.Pakistan's new minister for commerce and textile Muhammad Pervaiz Malik is determined to enhance the country's declining textile exports by resolving traders' issues. After assuming office on August 8, Malik said the government will expedite the finalisation of preferential and free trade agreements with various countries and tax refunds to exporters.#
The textile ministry was without a minister for a long time. Lack of technical upgrades in the sector in the last decade makes the ministry’s job tough to manage substantial subsidies.
The country’s textile exports, which account for about 55 percent of total exports, fell from $13.50 billion in 2013 to $12.1 billion in fiscal 2016-17. The export of value-added apparel, however, has not been affected by the decline.
The All Pakistan Textile Mills Association (APTMA) claims that 40 percent of its capacities are closed due to high cost of doing business. (DS)
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