Finance Minister’s decision to discourage wheat imports supported twenty percent hike in regulatory duty to help local farmers

Islamabad, August 30, 2016 (PPI-OT): Islamabad Chamber of Small Traders on Tuesday lauded the decision of the Economic Coordination Committee to hike regulatory duty on import of wheat from 40 percent to 60 percent.

The decision of the Finance Minister Ishaq Dar will save the Pakistani farmers from the negative impact of wheat imports from Central Asia states and that of falling prices in the international market, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

In a statement issued here today, he said that increase in regulatory duty on import of what from 40 percent to 60 percent to discourage imports was demand of the farming community while business community supported it unconditionally.

Shahid Rasheed Butt said that country has already surplus stock and all efforts to export wheat have backfired therefore wheat imports at this stage was against the national interests.

He said that federal and provincial governments have almost ten million tonnes of surplus wheat of which a large quantity is under threat due to rains and inadequate storage facilities.

He noted that earlier this year the government increased regulatory duty on imports from 25 percent to 40 percent but it failed to deter importers which has now been reviewed.

Surplus wheat could not be exported due to low prices despite frequent extension of dates and upward revision in the export rebate which hit almost 90 dollars per tonne, he noted.

The business leader said that the federal government allowed Punjab and Sindh to sell twelve hundred thousand tonnes of wheat but both the provinces could manage to sell almost one third of the target.

For more information, contact:
Jahangir Akhtar
Secretary General
Islamabad Chamber of Small Traders and Small Industry
Office No, 9 Block E, Super Market, Islamabad
Cell: 0344-5111174

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