End in agricultural subsidy and cotton duty to help Pakistan directly: Humayun
27 December, 2005
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| ISLAMABAD: Federal Minister for Commerce, Humayun Akhtar Khan addresses a press conference, at a local hotel. |
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ISLAMABAD, December 27 (Online): The Federal Minister for Commerce Humayun Akhtar Khan has said that end in agricultural subsidy and duty tariffs on cotton products as initiated by WTO, would greatly benefit Pakistan.
In a press conference he said that the WTO Ministerial conference in Hong Kong was a success. He said that Pakistan specifically advocated full protection for poor and under developed nations of the world.
He said that end of agricultural subsidies would increase the GDP growth. He announced that the target for the exports of fiscal year has been set at U$17 billion.
He claimed that during the initial 5 months Pakistan has achieved 23% more exports than the previous year, totaling U$6.6 billion, as compared to previous year’s U$ 5.4 billion.
He also informed that EU has lessened our bed-linen anti-dumping surcharge from 13.1 % to 7.6 % since December, and we are trying to get it further decreased.
He said that universal subsidy on agricultural products would be lessened by 50% until 2010 and totally eliminated by the year 2013. This would be greatly beneficial for Pakistan.
He said that USA and EU have levied heavy duties on our textile products, which we have so far failed to control, but our endeavors in this regard are continuing.
Replying to a question about trade with India he said that these were subject to success in our political dialogue.
He said that talks are underway with Bangladesh about free trade, and we would soon be exchanging trade-delegations with the country.
He expressed his satisfaction with the current value of Pakistani currency, and continued increase in our exports, specifically in textile products, with a 33% increase in cotton products, 72% in ready-made garments, 43% in yarn, and 12% in towel.
The increase of exports in utilities and common goods have registered an increase of 27%, essential utilities were exported 45% more. However our imports in fruits have decreased by 7%.
He said that our import liabilities have also increased, accruing us slightly about U$ 1 billion in machinery, and tools group, and petroleum products.
Whereas the steel group has accrued us about U$.322 million, and chemical group about U$170 million.
There has also been an increase of 52% in non-food and non-oil products , but it is a good omen that our imports increased in exactly the spheres which would enhance our future exports.
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