Pakistan govt to release Rs5mn refunds to exporters from March

Commerce Minister Khurram Dastgir Khan informing the National Assembly (NA) said that the refunds issue of exporters would be resolved very soon as the government would release Rs5 million refunds to exporters from the next month.

Dastgir said that the government was also trying to get better market access for local businesses in the international markets by concluding free trade agreements and preferential trade agreements with different countries.

He further added that during the current fiscal year Pakistan exported 12.10 million meters of cloth. The value-addition in the textile sector can greatly benefit exports.

The government would be soon launching an ecommerce framework under which the exporters can exhibit and sell their products online.

Dastgir also informed the House there was constant increase in Transit Trade with Afghanistan.

Dastgir informed the National Assembly that the steep decline in textile exports of Pakistan during the first seven months of the current financial year has caused grave concern amongst the public and exporters.

Lack of proper research on development of new cotton seeds, decline in prices of cotton in international markets and depreciation of Euro against the dollar was another reason for the decrease in country’s textile exports.

There was a quantitative increase in Pakistan’s exports, but owing to decline in international commodities’ prices exporters were earning less.

Pakistan’s exports gained 33 percent since getting the GSP Plus status, under which 99 percent of Pakistani products have access to 28 EU countries at zero rated duty. Pakistan was not only trying to diversify exports, but also exploring opportunities to export to eastern European countries.