Minister for Finance Miftah Ismail, while briefing about the recent spike in the value of
US dollar, told the cabinet that all necessary measures were being taken to check the value of greenback and stabilize the value of Pakistani rupee, which would strengthen during the next month.
He said the percentage of economic growth in the country during the current financial year as compared to the previous year would improve due to the historic tax incentives given by the present government to the production sector, including agriculture, as a result of which ample increase of industrial production and the development of agriculture sector were being ensured.
Owing to the measures, decrease in imports due to local production, increase in employment and reasonable increase in exports were expected, it was told.
The cabinet, on the recommendation of the Ministry of Commerce, approved the Multi Model Air-Road Corridor for Afghan Transit Trade.
It also approved the signing of Trade in Goods Agreement between Pakistan and Turkey.
The signing of the agreement, which was announced during the recent visit of Prime Minister Muhammad Shehbaz Sharif to Turkey, will help the two countries to have better access to each other’s services and investment sectors.
Turkey will provide Pakistan with the concessions on 261 tariff lines, including immediate zero rating on 123 goods, while Pakistan has offered concessions on 130 tariff lines including the goods of 8 major sectors such as agriculture, chemical, leather, plastic, rubber, engineering and metal goods.
The agreement will help enhance the annual bilateral trade between Pakistan and Turkey to the tune $5 billion. The prime minister appreciated the efforts of the Ministry of Commerce regarding the agreement.