The Government of Australia will reduce tariff on import of textiles from Pakistan beginning 2015, Australian High Commissioner to Pakistan Peter Heyward has said.
Speaking at the fourth annual dinner of the Pakistan Australia Business Forum (PABF) in Karachi, Mr. Heyward said that the maximum tariff to be levied on Pakistani textiles would be slashed to five percent.
He said that such a step would help Pakistan in balancing its bilateral trade, which is currently in favour of Australia.
Stating that PABF is a key partner in strengthening Australia-Pakistan bilateral relations, he said the Forum promotes growth in trade and investment between the two nations. He added that Australia would continue to encourage Pakistani entrepreneurs to look at the opportunities that exist and take advantage of them to expand their businesses.
He suggested that the ICC World Cricket Cup scheduled to be held in Australia and New Zealand next year will draw the attention of cricket playing nations to Australia, which can be a considerable attraction for Pakistan.
Patrick Kearins, Australian Trade Commissioner, said that Australian companies were willing to impart technical training to Pakistani youth, which would also help in decreasing unemployment while helping the youth in building their career.
Mentioning that Australian companies were well-known in the energy sector, Mr. Kearins said the sector has been specially earmarked for cooperation between the two countries.
PABF chairman Pervez H Madrazwala said there is a large potential for expansion of trade between Australia and Pakistan, especially in textiles.
Currently, Australia levies custom tariff of 10 percent on import of clothing and finished textiles. (RKS)
