Ministry seeks more time to present new trade policy
The Ministry of Commerce failed to submit the policy for approval by June 30.
ISLAMABAD (Dunya News) – Ministry of Commerce on Sunday again sought time until the first week of September to present new Strategic Trade Policy Framework (STPF).
The Prime Minister s Office was assured to present the policy in the federal cabinet early next month.
Sources said that Prime Minister Imran Khan had taken notice of the delay in trade policy and directed to submit it for approval by the end of June, however, the Ministry of Commerce failed to submit the policy for approval by June 30.
Advisor for Commerce, Textile, Industry and Production, and Investment of Pakistan Abdul Razzaq Dawood requested the prime minister to give him time till July 10, which was allowed by the premier, but even then the trade policy could not be finalized.
Later, the ministry of commerce kept asking for time on the delay in the policy and the policy has not been finalized yet. The government has set an export target of Rs22.71 billion for the current financial year, while the country s exports have fallen to a four-year low.
According to sources, under the trade policy, the plan was to increase exports to Rs46 billion by 2025, however, the new plan proposed to reduce the export target.
PM Imran Khan had asked the Commerce Division for early finalisation of five-year STPF and Textile Policy in consultation with stakeholders to make it more inclusive for boosting exports.
PM Khan had directed the Commerce Division to finalise the draft five-year plan with a deadline of Dec 31, 2018 to accelerate exports. However, the division failed to prepare a plan within the said time, missing the deadline by almost one-and-a-half year.
Under the proposed STPF 2020-25, special focus has been directed to increase exports of textile, leather, surgical and sports goods, carpet, rice and cutlery were included along with non-formal and development sectors like engineering goods, pharmaceuticals, auto parts, process food and beverages, footwear, gem and jewelry, chemicals, meat and poultry, seafood, marble and granite.
