Govt to announce trade policy by mid of November

Govt to announce trade policy by mid of November

ISLAMABAD: The government would announce commerce and trade policy for years 2018-23 by mid of November for achieving the target of country's exports in next five years. The government plans to announce Pakistan's first five-year trade policy “Strategic Trade Policy Framework (STPF) 2018-23" to enhance the country's trade by addressing various issues of all stakeholders, a senior official of the Ministry of Commerce told APP here.

The official told that the new trade policy, like previous strategic frameworks, will primarily focus on boosting the country’s exports. “By implementing the upcoming trade policy framework in letter and spirit, we can push our exports above $36 billion in the next five years,” he said.

Replying to a question, he said that under the STPF, investment and tariff rationalization is also under review to introduce the international best practices for enhancing the foreign investment in the country.
He said that tariff rationalization was also on cards to review the 500 tariff lines to increase the countries exports and revenue. The government would give priority to promote export-led growth and reduce dependence on imports, he added.

"We have identified several sectors to boost the country’s exports," he said adding “we have planned to evolve a new road-map for the promotion of the engineering industry and it is the top priority of the government to increase engineering exports". He said that new companies in car manufacturing would come in market to contribute in this sector.

“Primarily, we are focusing on increasing exports in engineering and Information Technology (IT), and innovated technology through enhancing their competitiveness in global market." “We would achieve exports target and additional exports for economic development and prosperity,” he added.

To a question, he said the government was committed to enhancing exports and increasing manufacturing in engineering sector.