Trade Policy Framework 2015-18: Irked business community says it was not consulted

Expresses concern over not being taken onboard for finalising policy.

ISLAMABAD: Business community has expressed its concern over not being taken on board while formulating the trade policy framework for the next three years.

Islamabad Chamber of Commerce and Industry (ICCI) President Muzzamil Sabri said the business community has not been taken onboard while incorporating the recommendations in the new policy framework. Even then, he said, the business community wishes for the new policy framework’s success.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Standing Committee on Horticulture and Food Exports Chairman Ahmad Jawad said the ministerial committee approved the three-year strategic trade framework policy without consultation with the private sector and identifying factors affecting exports.

Jawad, last week, said Finance Minister Ishaq Dar had stated that all stakeholders would be taken into confidence, but the promise never materialised.

Jawad stated that Dar had also assured incorporating the FPCCI’s recommendations while framing and finalisation of the new trade policy.

He also noted that the government had earlier determined to set the target of $50 billion exports by 2018, but it was revised to $35 billion.

“It seems impossible to achieve even $35 billion by 2018, regardless of the government’s efforts to facilitate the textile sector in the form of subsidies,” Jawad noted. “The government has failed to conduct an in-depth analysis to determine the role of different sectors while achieving the target.”

He maintained that the main reasons of missing export targets was that Pakistan’s product base was quite narrow and concentrated in a few value-added products such as cotton, leather products, rice, chemicals, pharmaceuticals and sports goods, as these products accounted for nearly 64% of the country’s total exports for the past many years.

Published in The Express Tribune, August 30^th, 2015.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.