The government has unveiled Strategic Trade Policy Framework 2012-15 envisaging escalation of exports from sixty seven billion dollar during 2009-12 to a target of ninety five billion dollars in the next three years.
Commerce Minister Makhdoom Amin Fahim announcing Policy in Islamabad said country’s exports can become an engine of growth and prosperity of the country if the relevant institutions both in public and private sectors adopt a holistic strategy to enhance competitiveness of exports.
He said strategic policy framework has been formulated to address the issue of trade deficit‚ putting a high level of effort for increasing exports.
The Minister said that despite various challenges faced by the country’s economy the trade has shown consistent improvement as exports increased by twenty seven percent to twenty four point eight billion dollars in 2010-11.
He said a domestic commerce wing is being created in the Commerce Ministry to establish necessary institutional and legal mechanism and business processes to facilitate domestic commerce regulations.
The Minister said that an export import bank would be set up to provide Pakistan’s exporters legitimate trade financing support in the wake of challenges of high interest rates and limited availability of financing for export and investment.
He announced that a services trade development council would also be set up to tap the true potential of services trade which stood at five billion dollars in 2011-12 whereas the global trade services was eighteen point two trillion dollars.
Makhdoom Amin Fahim said National Tariff Commission would be strengthened with a view to promote international trade.
He said in order to encourage fresh investments in export oriented industries in a challenging economic environment it has been decided to provide mark up support of two percent on availability of capital.
The Minister said it has been decided to allow import of second hand ambulances for hospitals charitable institutions or other large organizations such as universities.