First five-year trade policy likely to be implemented in July

Author: Khurshid Ahmed

Karachi: Pakistan’s first comprehensive five years trade policy targeting 10 percent export growth target will be ready by March for final review and would be enforced in July this year, Commerce Secretary Younus Dagha, said Friday.

The secretary commerce was speaking at the first consultative session jointly organised by the Ministry of Commerce and Textile, Trade Development Authority of Pakistan and USAID for formulating Strategic Trade Policy Framework 2018-23with stakeholders.

Dagha said that Pakistan will achieve $23 billion export mark in the backdrop of incentive given by the government to export sector as the exports for last seven months have depicted modest growth of 12 percent. “The imports would continue to increase mainly due to the import of machinery meant for production purposes in the country which would ultimately lead to export growth. Trade policy would focus on the exploration of non-traditional markets and products so that the balance of payments issue is minimised,” Dagha noted.

The government is specially focusing on non-traditional sectors including meat production and agro production. “There is huge demand of Halal meat in middle east which at present is largely being met by other countries,” he noted.

He said that government will announced special incentive package for the poultry sector shortly.

The secretary commerce also informed that the federal government will hold conference for buyers for the first time, in Islamabad, next month to listen to the buyers about their preferences.

Pakistan was negotiating with some African and south American country for Free Trade Agreements FTAs. The secretary also invited stakeholders, including Federation of Pakistan Chambers of Commerce and Industry to give their input for FTAs, he said.

He said that the prime minister has approved Rs 13 billion for the construction of effluent treatment plants that would be set up in seven industrial zones of Karachi. The project would be implemented in coordination with the Sindh government, he added.

Published in Daily Times, December 6th 2017.