Pakistan must enhance global trade: Minister

July 30th, 2011 - 1:55 pm ICT by IANS  

Islamabad, July 30 (IANS) Pakistan’s global trade should be increased to strengthen the country’s economy, Finance Minister Abdul Hafeez Shaikh has said.

“Development of a country depends on its level of trade and political relationship with the rest of the world,” Associated Press of Pakistan quoted the minister as saying.

Addressing probationers at the Foreign Services Academy, Shaikh said 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”.

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,” he added.

The minister said the government has introduced a number of economic reforms.

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

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