Businessmen hail decision to take their input in trade policy

Government aims to include issues being faced in imports and exports

ISLAMABAD: The business community unanimously hailed the prime minister’s initiative to seek stakeholders’ suggestions on its broad-based consultative process to formulate the Strategic Trade Policy Framework (STPF) 2018-23 for a period of five years.

The government aims to encompass issues pertaining to supply chain development, market access initiatives, trade promotion, trade facilitation, reduction of cost of doing business and facilitating the business community to avoid unnecessary hurdles in importing and exporting.

Federal Commerce Minister Pervaiz Malik conveyed the salient features of the proposed trade policy to Saarc Chamber of Commerce and Industry Vice President Iftikhar Ali Malik on Wednesday.

Pervaiz said that Prime Minister Shahid Khaqan Abbasi, in principle, has directed all ministries and attached departments to seek concrete suggestions and valuable views on formulating the STPF.

He further said that the government is offering an unprecedented package of incentives to exporters to boost earnings of the country. “Reimbursement of tax refunds and payment of funds under PM package is top priority,” said Pervaiz, adding that the commerce ministry is focused on reimbursement of tax refunds and payment of funds under PM package to boost exporters’ confidence.

He also informed that the Ministry of Commerce will launch a campaign for the international brand marketing of Pakistan. Appreciating the minister’s initiative, Iftikhar said this is a step in the right direction taken by the government for enhancing trade activities in the country.

He suggested more market and product diversification and measures to improve the quality and sophistication of Pakistan’s export basket besides taking measures to reduce the cost of doing business.

Previously, the government had announced three years STPF with an aim to enhance the country’s exports to $35 billion by the end of June 2018 and now the government has decided to incorporate the proposals of public and private sectors in its five-year STPF 2018-23.

Published in The Express Tribune, January 18^th, 2018.

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