PM likely to announce trade enhancement package today

*The trade package is expected to contain exemption from duty on machinery

PM likely to announce trade enhancement package today

ISLAMABAD: Prime Minister Nawaz Sharif is expected to announce the 'PM Trade enhancement initiative' package worth Rs 155 billion today (Tuesday).

Daily Times has learnt that the premier will announce the package for textile and others sectors - ranging from Rs 47 billion to Rs 155 billion - during a meeting with exporters scheduled at the Prime Minister's House.

According to sources, Rs 75 billion would be earmarked for textile sector, Rs 39 billion for non-textile sector, Rs 35 billion for committed pending liabilities in the textile policy and Rs 6 billion would be allocated for withdrawal of duties and bills.

The government is hoping that the package if implemented will add $3 billion to the national reserves from exports.

Sources disclosed that the Commerce Ministry forwarded four proposals - first worth Rs 47 billion, second worth Rs 101 billion, third Rs 121 billion and the fourth worth Rs 155 billion - to the premier on Friday. They said that the prime minister had accepted the proposals forwarded by the ministry and now its up to him to which proposal he would accord approval.

Sources added that the package would contain exemption from duties on machinery and others means, mitigate the cost of doing business and relaxation in policy issues.

It is worth mentioning here that Pakistan export plunged to $21 billion in the last fiscal year. Exporters are demanding comprehensive export package, especially for textile and other sectors.