Pakistan will reduce tariffs on bearing products
Pakistan¡¯s democratically elected Government in November 2002 set up a special budget office, its first budget, including a wide range of economic reforms. Federal Finance Minister Shaukat Aziz in the new federal budget speech, pledged to eliminate the contradictions of economic management.
In these reform measures, the main automotive bearings purpose of reducing tariffs to address the problem of smuggling. Bearing products because of its value and sales in the domestic security become one of the most common smuggling.There are no official data show that the number and percentage of how many bearings are smuggled into the country. However, experts believe that a vast majority in Pakistan is currently bearing products are smuggled.
The same time, smuggling is the economic mainstay of many areas in Pakistan, Pakistan¡¯s border with China automotive bearings is a well-known "bearing of the road." Pakistan border with India and Iran, India and Iran have complained that Chinese products bearing counterfeit products are sold through Pakistan and smuggled into their country.
The Government of Pakistan through the reduction of tariffs on other products have achieved some success, eliminating the need for economic incentives for smuggling. In July 2003 started the ball bearings of the tariff will be significantly reduced, the Pakistani government hope that the past experience in the new year will also continue to be valid.
Over the past year, Pakistan¡¯s economy has significantly increased; circulation to restore stability, economic growth, more than 5%, the inflation rate was controlled at 3.3%. Aziz Minister said: "We must show our maturity and prudence, or else can not build a strong nation. We plan to make the country a new start. An economic stability, sustainable and clearly a new beginning and long-term thinking and planning of new the beginning. " Haina Rui Japanese Import Bearing Co., Ltd.
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