ISLAMABAD, May 11: Federal Commerce Minister Abdul Razak Dawood has said on Saturday that the country’s exports were expected to touch $ 9 billion by end of the current financial year.

Despite the global recession and challenging environment after 9/11, Mr Razak said Pakistan’s exports have shown substantial growth in many areas.

He said this while addressing the participants of 53rd meeting of Advisory Council of the Commerce Ministry here on Saturday, said an official announcement.

The meeting was held to obtain the inputs from public and private sector to be incorporated in the forthcoming Trade Policy.

He said that trade deficit during the 10 months period of the current fiscal had shown an improvement mainly because of reduction of 6.9 per cent in imports.

The trade deficit stood at $921 million during the July-April period of current financial year as compared to $1.4 billion during the same period last year. While exports decreased from $7.6 billion of last year to $7.3 billion this year and imports decreased from $8.8 billion to $8.2 billion this year during the same period.

Highlighting the developments in the export sector, the minister applauded the increase in value addition in textile from 35 per cent in 1995-96 to 57 per cent in 2001-02, increase in exports of apparel and footwear and also export of one million tons of wheat by establishing Pakistan’s credibility in world grain market.

He informed the meeting that drive for contamination free cotton has also met with great success as it had been reduced from 28 gms per bale to 10 gms per bale.

The minister assured the exporters of removing difficulties faced by them in getting duty drawback, sales tax refund and making operational the DTRE rules.

The participants also given their suggestion for the trade policy. These included proposals regarding promotion of exports of gems, citrus fruits, cloth and cutlery.

The minister announced that the import and export registration was being done away with. He also asked for comments of the trade bodies, for doing away with or otherwise the Trade Organisation Ordinance to take final decision with respect to DTO.