ISLAMABAD: Pakistan is rapidly diversifying its exports through high quality and globally competitive engineering products, remarked Adviser to Prime Minister on Commerce Abdul Razak Dawood.
Chairing an internal review meeting to discuss finalisation of the Strategic Trade Policy Framework (STPF) at the Commerce Division on Friday, the adviser stated that one of the objectives of the framework was to achieve diversification of export products other than the traditional ones.
"Through promotion of exports in new sectors, particularly engineering and pharmaceutical, we are going to reduce our reliance on the five traditional export sectors," he elaborated.
"This has also been supported in the budget for 2020-21 through a reduction in import duties on raw material and tariff rationalisation measures."
He revealed that currently the STPF draft was being reviewed by different stakeholders and their views were being incorporated into the final draft, which would be placed before the Economic Coordination Committee (ECC) shortly.
Talking about export opportunities for emerging sectors, Dawood underlined that Pakistan's engineering companies, particularly those specialising in home appliances, were producing internationally competitive products.
In view of the diversification policy, exports of microwave ovens from Pakistan have been confirmed for the first time. With support from the government, other engineering products will soon join the list of exportable products.
The PM aide recalled that duties on import of components of televisions had also been reduced to promote local manufacturing of television sets, which had a promising export potential in the coming years.
The adviser was optimistic that results of the first-ever mobile phone manufacturing policy, recently announced by the government, would soon be visible in the coming months in the form of a rise in exports of locally manufactured mobile devices.
Published in The Express Tribune, June 27th, 2020.
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