![Pakistan's trade share in global market witnesses growth by 5.48 percent in five years: NA told](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1470213883.jpg)
- Home
- Pakistan
- News
- Pakistan's trade share in global market witnesses growth by 5.48 percent in five years: NA told
Pakistan's Trade Share In Global Market Witnesses Growth By 5.48 Percent In Five Years: NA Told
Sumaira FH Published August 03, 2016 | 01:44 PM
![Pakistan's trade share in global market witnesses growth by 5.48 percent in five years: NA told](https://photo-cdn.urdupoint.com/media/2016/08/_2/740x404/pic_1470213883.jpg)
ISLAMABAD, (UrduPoint / Pakistan Point News - 3rd Augst,2016) : Minister for Law and Justice Zahid Hamid Wednesday said that Pakistan's trade share in global market had increased by 5.48 percent during the last five years. Speaking in the National Assembly during question-hour, the minister said Pakistan's export share in global market in 2015 had increased by 3.50 percent as compared to 2014. He expressed the hope that country's trade share in global market was expected to further increase due to upcoming economic activity under China-Pakistan Economic Corridor (CPEC), regional trade arrangements and Strategic Trade Police Framework (STPF). He said the government was well aware of the real issues affecting the country's exports such as terrorism, energy crisis, low investment inflows and high cost of doing business.
He said several steps were taken relating to high cost of doing business, market access and competitiveness, adding including. He said a total of Rs 20 billion would be spent on development of export sector during the next three years. Other measures included Support for the import of plant and machinery to strengthen supply chain and encourage value-addition, establishment of Export Promotion Council for Pharmaceuticals and Cosmetics, and Rice Export Promotion Council, Performance Based Incentive (PBI) to offset the burden of higher utility costs and local levies and taxes on the export sectors, i.e.
per unit price based refund at 4 of 10 percent over last year’s exports.
He said under short-term export enhancement measures four product categories were being focused including Basmati rice, horticulture, meat and meat products; and jewellery, with the parallel focus on the following markets- Iran, Afghanistan, China, and European Union.
He said government was trying to get better market access for the local businesses in international markets by concluding Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) with different countries.
Bilateral free trade agreements with China, Sri Lanka, Malaysia, Iran, Mauritius and Indonesia were already in place, he added. He said the opportunity of zero-rated market access in European Union market under GSP Plus scheme had provided a fillip to our exports to our largest market. Moreover, Government is in the process of negotiating trade agreements with Thailand and Turkey.
Replying to another question, he added that Pakistan had not so far acceded to Information Technology Agreement during two main reasons including FBR had shown reluctance as removal of duties may result in loss of revenue and, Ministry of Industries and Production was of the opinion that without adequate tariff protection, there would be no incentive to set-up ITrelated industries in Pakistan.
However, he added Ministry of Industries has since modulated it’s stance on the agreement.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From Pakistan
-
NDMA Advisory: More Monsoon Rains-wind, Thundershowers from July 28-31
6 hours ago -
Armed Forces, tri services chiefs pay homage to Captain Sarwar Shaheed
6 hours ago -
Agriculture dept inks agreement with Bakhabar Kissan
6 hours ago -
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
7 hours ago -
Glowing tributes mark 69th birthday of President Zardari at Governor's House
7 hours ago -
Balochistan CM announce depoliticizing of police, Levies force
7 hours ago
-
PTI creating unrest, halting economic progress in country: MNA
7 hours ago -
ISSI holds webinar on “Elections in Iran : Regional and International Insights”
7 hours ago -
ECP defers written test for seats of election officers
7 hours ago -
PN assists in firefighting, evacuation efforts for stranded civilians of Kashif Centre fire incident
7 hours ago -
Women's rights protection is govt's top priority. Hina Parvez Butt
7 hours ago -
"We stand in solidarity with Azma Bokhari”: Secretary Women’s Parliamentary Caucus
7 hours ago