Federal cabinet decides to reduce GIDC to protect farming community: Dawood

July 10, 2019: Advisor to Prime Minister on Commerce Abdul Razak Dawood says a remarkable increase has been witnessed in exports of Pakistani products, capturing bigger share of international markets.

Addressing a news conference in Islamabad, he said an increase of 33 percent has been recorded in exports of readymade garments, 20 percent in Basmati rice, 46 percent in cement, 26 percent in pharmaceuticals, 27 percent in footwear and 18 percent in knitwear.

The Commerce Advisor said despite capturing more share in the international market by Pakistani products, the export volume has remained stagnant at 23 billion dollars due to devaluation of rupee.  

He said our export trajectory is in the right direction. On the other hand, he said, there has been a decrease of 5.9 billion dollars in imports which means the trade deficit has reduced by the same margin.

He said any unjustified increase in fertilizer prices would not to be tolerated as the government was fully determined to protect the local farming community for the development of agriculture sector of the country.

However, he said that the federal cabinet has decided to reduce the Gas Infrastructure Development Cess (GIDC) in order to minimize the increasing gas prices impact on fertilizer manufacturing.           

The adviser cleared that the tax compliance culture would be promoted as no body in the country is willing to pay its due tax which is the main impediment in national economic development.