As per Consultant to the Prime Minister on Transactions and Financing Abdul Razak Dawood, assertions from Afghanistan, Iran, Turkey, and Central Asia enhanced by 35% to $938 million in the first quarter of fiscal year 2021-22, up from $694 million in the first quarter the preceding year.
He emphasised that the government had already provided exporters with incentives such as competitive electricity and gas tariffs, as well as lower markup rates on financing for business expansion.
The release of pending tax refunds via the FASTER system was an encouraging step for the export-oriented sector, he said, adding that as a result, Pakistan’s exports were picking up steam, particularly in regional countries. According to Topline Research economist Atif Zafar, Pakistan’s trade is headed in the right direction, with diversification in both products and destinations. However, he added that much more needed to be done to have a significant impact on the balance of payments.
On his official Twitter account on Wednesday, the minister expressed satisfaction that Pakistan’s policies on regional connectivity to increase trade were bearing fruit. Tahir Abbas, AHL Head of Research, the news was being spread that the government was focusing on long-term sustainable exports to reduce the trade deficit.
