Pakistan to remove import duty to make exports more competitive

Pakistan is planning to remove duties on many imported raw materials used by exporters, according to commerce and investment adviser to Pakistan’s prime minister, Abdul Razak Dawood. This will make them more regionally competitive and help the economy escape a recurring boom-bust cycle. Dawood mentioned that last year import duty was slashed on more than 1600 products and will further be eliminated in this year’s budget.

The European Union, which takes about one-third of Pakistan’s exports, has extended favorable access to its markets for two more years. Pakistan’s exports to Europe grew by 30% in the two years after it received favorable access in 2014, but the pace has slowed since then.

Source: Pro Pakistani