Islamabad, May 10, 2024 – Prime Minister Shehbaz Sharif has directed government officials to develop a new trade policy aimed at enhancing exports and fostering a business-friendly environment. This directive was given during a high-level meeting on trade, chaired by the Prime Minister on Friday. Prime Minister Shehbaz stressed the importance of improving the competitiveness of Pakistan’s exports. He outlined several directives, including the promotion of non-traditional goods for export and ensuring timely payment of certified duty drawbacks to exporters to enhance liquidity and reduce operational challenges.
Emphasizing the critical role of the private sector in economic growth, the Prime Minister urged the inclusion of business leaders in the policymaking process. He also called for the implementation of the deletion policy in the automotive sector to reduce reliance on imported components and support local industry. Additionally, Prime Minister Shehbaz announced plans to enhance accountability and performance in Pakistan’s trade and investment sectors. He ordered a comprehensive review of trade officers in Pakistani missions abroad, advocating for a policy of rewarding high performers and removing those who do not meet required standards. He also committed to personally conducting fortnightly reviews of the export sectors to ensure continuous improvement.
During the meeting, attendees discussed several significant trade-related developments. Notably, the ongoing negotiations for a Free Trade Agreement with Gulf states are reportedly in the final stages, and successful transit trade agreements with Uzbekistan and Tajikistan have been concluded. The meeting also highlighted the success of the recent Pak-Saudi Business Conference, which facilitated approximately 450 business-to-business meetings. The growth in e-commerce was discussed, with over 3,000 firms now registered on the Pakistan Trade Portal, indicating strong activity in this sector.
Other topics included effective monitoring of the Afghan Transit Trade, the robust performance of public sector insurance companies, and the finalization of a Gem Export Framework. The meeting also covered the initial approval of a barter trade agreement with Russia and ongoing discussions for Preferential Trade Agreements with Azerbaijan and Afghanistan. In support of innovation and technological advancement, legislation is being developed to establish a Technology and Innovation Fund aimed at industrial development.
The meeting was attended by several key figures, including Federal Ministers Jam Kamal Khan, Muhammad Aurangzeb, Dr. Musaddik Malik, Ahad Khan Cheema, Deputy Chairman of the Planning Commission Jahanzeb Khan, the State Bank Governor, and other senior officers. This gathering reflects the government’s proactive approach to reshaping Pakistan’s trade environment to promote growth, innovation, and international competitiveness.
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