PM chairs meeting on trade policy
Prime Minister Imran Khan on Thursday asked the Commerce Division for early finalisation of fiveyear Strategic Trade Policy Frameworkand Textile Policy in consultation with stakeholders to make it more inclusive for boosting exports.
The premier chaired a high-level meeting of STPF and Textile Policy 2020-25 in which the Commerce and Textile Division gave in-depth briefing over the broad contour of the proposed strategy and its objectives. The government economic team and former finance minister Shaukat Tareen also attended the briefing.
The meeting discussed procedures in details and recommended modifications. “We will include all suggestions that for the policy document,” an official source privy to the meeting.
The draft will then be shared with the relevant stakeholders in the next few days to seek their feedback before submitting for government approval, the official added. It gave approval to priorities and strategy regarding 26 sectors under STPF 2020-25.
Under the proposed policy, a high level committee under the chairmanship of prime minister will be constituted to monitor its implementation.
Khan has said increasing exports is the top priority in view of revamping the economy. He said the government believes in achieving targets in consultation and the guidance of private sector. The premier also assured that his government is determined on continuity of policies. He directed to give special focus on resolving issues regarding setting up of special Economic zones. The new policy will bring a paradigm shift in exports basket from the country.
Moreover, all stakeholders will be better connected to have greater coordination for promotion exports from the country. During the meeting it was decided to make the funds announced by the government to support various sectors part of the budget for ensuring timely payments. It was said Rs68 billion were given to the textile sector’s support over the last decade, whereas the PTI government has provided Rs71bn in the past one and a half year.
The meeting was informed Rs27bn were provided to textile sector and Rs1.4bn to non-textile sector in last three months. The meeting also decided to further simplify refunds procedure for the business community and any difficulties should be resolved on priority.
Under the STPF 2020-25, textile, leather, surgical and sports goods, carpet, rice and cutlery was 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.