PM orders duty drawback claims refund
“Although the government has provided a portion of the required financing to the EXIM Bank, it still remains on paper,” said the PBC CEO, adding that the bank head office is located in Islamabad – far away from export hubs of the country including Karachi, Lahore, Faisalabad and Sialkot. photo: file
Prime Minister Shehbaz Sharif on Friday directed the authorities concerned to formulate trade policies with the core objective of facilitating the business sector, and called for urgent measures to enhance competitiveness of the country’s exports.
Chairing a meeting on the trade sector, the prime minister also called for steps to promote exports of non-traditional goods and instructed the authorities concerned for immediate payment of the certified duty drawback of exporters.
Highlighting the significance of the private sector, Prime Minister Shehbaz issued instructions for ensuring consultation with them during the policy-making, and implementing the deletion policy for the progress of the auto sector.
Shehbaz directed the relevant ministry to devise a comprehensive strategy to scrutinise the performance of trade and investment officers posted at the Pakistan’s missions abroad, by rewarding the good performers and removing the incompetent ones.
The prime minister told the meeting that he would personally carry out the fortnightly review of the export sectors.
Read Pakistan’s regional exports rise 20.6%
In the meeting, the prime minister was informed that the discussion on the free-trade agreement (FTA) between Pakistan and the Gulf states was in the final stage and the transit trade agreements with Uzbekistan and Tajikistan had already been materialised.
Officials told the prime minister that during the recent Pak-Saudi Business Conference, around 450 business-to-business meetings were held and that the volume of e-commerce was witnessing a constant increase with the enlisting of over 3,000 firms on the Pakistan Trade Portal.
The meeting was apprised of the strict monitoring of the Afghan transit trade, double-digit premium growth of the public sector insurance companies, gems export framework and the grant of in-principle approval to operationalise Pakistan-Russia barter trade.
The officials said that consultation with stakeholders on preferential trade agreements with Azerbaijan and Afghanistan, and a new strategic trade policy was ongoing. Moreover, necessary legislation was being enacted to establish the Technology and Innovation Fund for industrial development.
Federal ministers Jam Kamal Khan, Muhammad Aurangzeb, Dr Musadik Malik, Ahad Cheema, Deputy Chairman Planning Commission Jahanzeb Khan, State Bank of Pakistan governor and relevant senior officers attended the meeting.