Tariff rationalization to strengthen the economic base: Dawood


ISLAMABAD: Prime Minister’s Commerce and Funding Advisor Razak Dawood mentioned on Wednesday that the Commerce Ministry is implementing a Make-in-Pakistan coverage to streamline the tariff construction to proceed import substitution and strengthen the economic base.

Addressing the second session of the two-day safety dialogue in Islamabad organized by the Nationwide Safety Division, he mentioned he outlined the imaginative and prescient of financial safety, together with industrial, power, meals and monetary safety, in addition to as connectivity and financial diplomacy. The session aimed to outline the brand new strategic route of the nation in accordance with the Prime Minister’s imaginative and prescient of peace, regional connectivity and improvement partnerships with the world.

Dawood identified that the lack of financial safety results in the erosion of nationwide sovereignty. “A giant nation like Pakistan can not rely on import and commerce, however it wants manufacturing based mostly on know-how and know-how.”

To create the required industrial base, the adviser mentioned the ministry is utilizing tariffs as a instrument to spice up industrial and financial exercise as an alternative of the revenue-based method of the previous.

“Historical past has proven that financial backwardness results in social battle and political unrest and thus weakens nationwide safety,” he mentioned.

“Import substitution results in the creation of vital mass, which results in exports and a vibrant and vital personal sector. One explicit level that’s lacking in our context is the idea of very giant teams of corporations. One can see elevated financial safety created in Korea and Malaysia. ”

He mentioned {that a} robust industrial base should be supported by power, agriculture, meals and monetary safety, that are important for the general financial safety of the nation.

Most international locations strengthen their financial safety by buying and selling with their neighbors, and up to date financial engagement with Afghanistan, Uzbekistan and the Central Asian republics has been a step on this route.

Pakistan has suffered principally due to its strategic location and now could be the time to reap the benefits of this location as an alternative of struggling due to it. “Our geostrategic location should be complemented by the geo-economy,” he mentioned.

He referred to as on the discussion board to provide you with an “financial safety index” and a “forecasting mannequin” incorporating vital parameters of financial safety. He mentioned it could assist realign the connection between the varied components of financial safety and lay the inspiration for a powerful financial system with a sturdy technology-driven industrial infrastructure.

The 2-day Islamabad Safety Dialogue would convey collectively present and former officers and native and international political consultants beneath one roof to debate Pakistan’s vital nationwide safety points and generate concepts that form international society and the world. way forward for civilization.


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