Govt seeks export-driven economic growth

PM adviser says target of innovation-driven exports will be met in long run

ISLAMABAD: The policy objectives of the Strategic Trade Policy Framework (STPF) 2019-24 are aimed at ensuring an export-driven economic growth and they will also help move towards efficiency-driven exports, said Adviser to Prime Minister on Commerce Abdul Razak Dawood.

Briefing the National Assembly Standing Committee on Commerce and Textile on Thursday, Dawood was of the view that under the STPF 2019-24, the target of innovation-driven exports would be achieved in the long term to improve competitiveness of the industry.

The meeting of the standing committee was held under the chairmanship of MNA Syed Naveed Qamar.

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The government, Dawood said, was focusing on the export-oriented sector by reducing input costs, increasing productivity, attracting investment and reducing relative “disincentive” for export activities.

“We want to improve the trade ecosystem by increasing institutional efficiencies and reducing the cost of doing business,” he told the committee and emphasised that the STPF vision was to make Pakistan a dynamic and efficient domestic market and a globally competitive export-driven economy.

He pointed out that the mission was to transform Pakistan from a factor-driven to an efficiency-driven economy by integrating with global and regional value chains.

The committee voiced concern over the crop insurance schemes offered to the farmers and directed the ministry and National Insurance Company to prepare better packages.

Naveed Qamar said although the wheat crop had been damaged due to weather calamities, still there was sufficient stock left from the past. “Wheat trade and market should be deregulated,” he suggested.

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The standing committee chairman stressed the need for changing the policy on  sugarcane, saying it “is high time that the country invest in other crops”.

Regarding the date crop, the committee asked the ministry to resolve the issue of running finance and remittance by taking the farmers into confidence.

The committee expressed the desire that Zarai Taraqiati Bank Limited (ZTBL) cover more and more crops.

Published in The Express Tribune, May 17^th, 2019.

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