ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood on Monday said that the Ministry of Commerce will reduce tariff on raw material for continuing economic growth in the country.

The Ministry of Commerce always believes that reducing tariff on raw material results in long-term growth and economic activity, which leads to greater domestic production and growth in exports, the adviser said this on his official twitter account.

The adviser said that a good example is the growth of export of jute products.

Razak Dawood said that during Fiscal Year (FY) 2019-20 in 12 months, the export of Jute Sacs, Bags and Fabrics was $12.57 million.

During the first 6 months of FY 2020-21, this stands at $ 8.724 million, he said.

He informed that this is projected to be $ 17 million for FY 2020-21, which is an increase of 38 percent as compared to FY 2019-20.

The Ministry of Commerce has decided to hold a “Silk Route Connect” Conference at Tashkent Uzbekistan in coming summer, he said.

The adviser said as a follow-up to review meetings with Afghanistan and Uzbekistan officials over the past few months and seeing the potential in Central Asian Republics (CARs) and Afghanistan, it has been decided by the Ministry of Commerce to hold a “Silk Route Connect” Conference at Tashkent (Uzbekistan).

He said that the Conference will be held in summer and will be planned by the Trade Development Authority of Pakistan (TDAP).

Razak Dawood said that it will be similar to the ‘Look Africa Conference’ held in Nairobi last year.

A meeting will soon be held with all the stakeholders in this regard to discuss all n aspects, he said.