Daily Times

ISLAMABAD: Despite a decline in the country’s exports in the third consecutive year amounting up to 4.7 billion dollars, the commerce ministry has sought an additional Rs 6 billion from the ministry of finance to increase the exports of the country.

The government has failed, for the third year to increase the country’s exports as 2015-16 exports were estimated at 20.8 billion dollars against the target of 25 billion dollars.

In a letter written to the finance ministry, the ministry of commerce wanted Rs 6 billion to boost the country’s trade adding that this money would be spent on technological development, market access, product sophistication and diversification including research and development, value addition, branding and strengthening of institutions and improving trade facilitations.

Under the Strategic Trade Policy Framework(STPF) 2015-18, the ministry has set a target of annual exports to US$ 35 billion by June 30, 2018, which does not seems achievable in view of the current export situation.

During this time, the ministry will try to improve export competitiveness and increase the share in regional trade. Furthermore it will work on the transition from a ‘factor-driven’ economy to an ‘efficiency-driven’ and ‘innovation-driven’ economy.

It is pertinent to mention here that Pakistan’s exports crossed the US$ 25 billion for the first time in 2013-14. However, the years 2014-15 and 2015-16 have experienced a decline of about 4.78 per cent in the exports and 12.11 per cent due to exogenous shocks coupled with domestic factors.

The government is facing a lot of criticism from the opposition parties for not enhancing the exports of the country, despite expending hefty funds for the purpose.

Earlier, Senator Saleem Mandviwala, in his statement said that the PML-N government had badly failed to increase Pakistan’s exports in world trade. He maintained that during the last three years, the PML-N government had continuously missed the exports and it remains on the declining trend adding that now it had reached the brink of disaster. “All this is happening because of the absence of any trade policy. The PML-N had announced a three- years- policy but had not implemented it.” Saleem Mandviwalla said that it was both depressing and worrisome that the current export patterns were running in reverse and the government had set the target of enhancing exports to $35b in two years in the new trade policy stressing that it would never be achieved.