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Govt increased import duties to depress imports: Senate informed

ISLAMABAD: The Senate was informed on Friday that the government had increased import duties to cut imports. Adviser to Prime Minister on Commerce and Textile Abdul Razzaq Dawood told the house during question hour that import substitution policy had also been launched in order to increase domestic production and exports. He said duties on raw material would be reduced to support and strengthen the manufacturing sector. Razzaq Dawood said oil import substitution was a long term policy. He said refining capacity of…

India eyes higher import duties on key items, but will spare gold: official

NEW DELHI: India is likely to increase import duties on precious stones, certain types of steel and electronics but will spare gold to prevent smuggling, a finance ministry official said on Monday. The official, who declined to be named, told reporters the main reason for the planned increase in duties is to curb an inflow of items that normally move between China and the United States, but could be redirected because of the tariffs imposed by the two countries. India is also trying to curb imports of “non-essential”…

Army to perform duties according to ECP code of conducts: COAS

RAWALPINDI: Chief of Army Staff (COAS) General Qamar Javed Bajwa on Thursday said the armed forces will perform their responsibilities according to the code of conducts of the Election Commission of Pakistan (ECP) during elections on July 25, ARY News reported. Media wing of armed forces, Inter Services Public Relations in a statement said the army chief visited Election Support Center, Rawalpindi, where he was given briefing on coordination with the election commission.  General Bajwa directed to provide all-out…

EU plans to hit US imports with duties from July

BRUSSELS: The European Union expects to hit US imports with additional duties from July, ratcheting up a transatlantic trade conflict after Washington imposed its own tariffs on incoming EU steel and aluminum. EU members have given broad support to a European Commission plan to set 25 percent duties on up to 2.8 billion euros ($3.3 billion) of US exports in response to what is seen as illegal US action. EU exports that are now subject to US tariffs are worth 6.4 billion euros. “The Commission expects to conclude the…