Advisor to PM on Commerce and Investment Abdul Razak Dawood has said that export target of $38 billion has been set for the current fiscal year 2021-22 after consultations with the relevant stakeholders.
Addressing the first pharmaceutical export summit in the federal capital on Wednesday, the advisor, however, said that all efforts will be made to take exports to the $40 billion mark. Dawood expressed the confidence that the industries and the farmers will play their part to achieve the export target.
Talking about the tariff structure, he said that he has conveyed to the prime minister that setting tariffs for the industries should not be the prerogative of the Federal Board of Revenue (FBR) and it should be shifted to the Ministry of Commerce. “Tariff rationalisation is part of our ‘Make in Pakistan’ strategy,” he said. “Further tariff rationalisation will be done in the next budget in order to facilitate different industries including the farmers.”
Earlier, Dawood expressed hope last month that by the fiscal year 2022-23, the country’s exports would reach $50 billion by following the policy of trade diversification in potential trade sectors and markets. Export diversification, focus on non-traditional sectors, and increasing exports to new markets, including Africa, would not only enhance the volume of the country’s exports but would also help to achieve the export targets, the adviser said.
“Geographical trade diversification and search for new markets will further increase our exports,” he said.
Pakistan recorded exports of nearly $27 billion in FY21, higher than the previous year. However, many believe there is room for growth, especially as the rupee has depreciated to an all-time low against the US dollar, making the exports cheaper.
