Agro-breeding, IT and HR sectors for which increasing exports is a priority: Tarar

ISLAMABAD, June 11 (APP): Minister for Law and Parliamentary Affairs Senator Azam Nazeer Tarar on Tuesday said that Prime Minister Shehbaz Sharif has given priority to value addition in agriculture and animal husbandry, information technology (IT) and human resource products in to increase the country’s exports.

The minister was responding to a question from Pakistan Tehreek-e-Insaf (PTI) Senator Mohsin Aziz on the decline in exports in the Senate.

Tarar said that currently there are only two sources of foreign exchange, including exports and remittances, while the third could be foreign direct investment (FDI), and the government is making efforts to attract FDI.

He added that the Reko Diq project agreement had been renegotiated to attract FDI.

The minister said that after the pandemic, the economic collapse had led to a decline in exports. The highest-ever exports of $30 billion were not enough to meet the needs of 240 million people.

He said the Prime Minister chaired a meeting for the revival of the National Export Council. He added that a preferential trade agreement was signed with Turkiye to explore the market for various export products.

Moreover, the Middle and Far East, European Union, China and UK positions have been revitalized to develop effective strategies to increase exports, he said.

Senator Afnan ullah Khan of the Pakistan Muslim League-Nawaz corrected the mover that despite exports worth $30 billion in a given year, the country’s import bill was $84 billion, with a record trade deficit.