Hafeez for enhancing trade with international community

ISLAMABAD: Federal Minister for Finance, Dr. Abdul Hafeez Shaikh said that trade volume with the rest of the world should be increased in order to strengthen country's economy.

"Development of a country depends on its level of trade and political relationship with the rest of the world", the minister said while addressing the probationers of foreign services group here at Foreign Services Academy.

He said that integration with rest of the world is most important for a country to prosper and the more it would be connected with other countries, specially in terms of economic relations, more it would be developed",

Addressing the probationers, Dr. Hafeez said that in future they would be responsible for playing constructive role specially in strengthening trade and economic relations with the other countries.

He said that there is a need to increase trade volume with other countries and exports should be increased because no state can develop without exports.

"Despite facing troubles like devastating floods and terrorism in the country last year we were able to make exports of over $ 24 billion against the target of $ 22 billion which is a good sign".

"But it is not enough, we should look forward and move further to enhance trade volume with the other countries", the minister added.

Dr. Hafeez Shaikh said the no government can develop by relying on its own resources therefore private sector must play its part and supplement the government efforts in enhancing the growth of the country.

He said the government has introduced a number of economic reforms and under the 18th amendment the provinces had been made more powerful besides transferring more resources to the federating units.

He said the provinces got additional Rs. 300 billion in the last year while they would get Rs. 500 billion extra funds from the federal government under 7th NFC award.

He said that all the departments are working with full authority.

Courts are free to work. Media is not facing any restrictions and this is good to see that all departments are working properly.

He said the government introduced reforms in the taxation system of the country and more than 700,00 new tax payers would be brought into the tax net and exemptions for different sectors would also be removed.

Copyright APP (Associated Press of Pakistan), 2011