Rare Discount Helps Pakistan Earn $1.27 Billion Extra in Exports

The government has implemented tariff relief measures during the last fiscal year, which contributed to Pakistan earning an additional $1.27 billion in exports, according to the National Assembly Standing Committee on Commerce. Commerce Secretary explained that the government provided further Rs. 120 billion in tariff reductions during the current fiscal year, aiming to support exports and lower business costs.

The committee questioned the potential impact of these latest tariff cuts on boosting exports. Commerce Secretary stated that the outcomes of these measures would be evaluated at the end of the financial year. The government established the EXIM Bank to assist exporters and eliminated taxes on exports. Representation from the private sector on the Export Development Fund Board has also increased, with six government representatives out of 23 total members.

The committee discussed a proposal to establish new chambers of commerce in Karachi, with Farooq Sattar suggesting district-based chambers could be created, potentially leading to multiple new chambers in the city. Committee Chairman Javed Hanif noted the proposal as novel, while a Law Ministry representative stated that a new private member’s bill could not be considered until the previous draft had been approved or rejected.

The committee decided to seek legal opinions from the Commerce and Law ministries before further deliberation on the new proposal.