PM Shehbaz Sharif called for urgent measures to enhance export competitiveness, focusing on the facilitation of the private sector and promoting non-traditional goods. He emphasized scrutiny of trade and investment officers, fortnightly reviews of export sectors, and ongoing trade agreements and legislation for industrial development. The meeting also discussed the Free Trade Agreement with Gulf states and other trade-related updates.
Prime Minister Shehbaz Sharif on Friday directed the authorities concerned to formulate the trade policies with a core objective of facilitating the business sector, calling for urgent measures to enhance the competitiveness of the country’s exports.
The prime minister, chairing a meeting on the trade sector, called for steps to promote exports of non-traditional goods and instructed for immediate payment of the certified duty drawback of the exporters. Highlighting the significance of the private sector, he instructed to ensure consultation with them during the policy-making and implement the deletion policy to uplift the auto sector.
Prime Minister Shehbaz directed the relevant ministry to devise a comprehensive strategy to scrutinize the performance of trade and investment officers posted in 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.
In the meeting, the prime minister was told that the discussion on the Free Trade Agreement between Pakistan and the Gulf states was in the final stage and transit trade agreements with Uzbekistan and Tajikistan had already been materialized.
The meeting was told that during the recent Pak-Saudi Business Conference, around 450 business-to-business meetings were held and that the volume of e-commerce trade was witnessing a constant increase with the enlisting of over 3,000 firms on the Pakistan Trade Portal.
The meeting was also apprised of the strict monitoring of Afghan Transit Trade, double-digit premium growth of public sector insurance companies, finalising Gem Export Framework, and in-principle approval by Pakistan and Russia to operationalise the barter trade.
It was told that consultation with the stakeholders was in progress on Preferential Trade Agreements with Azerbaijan and Afghanistan, as well as on the New Strategic Trade Policy.
Moreover, necessary legislation was also being made to establish the Technology and Innovation Fund for industrial development.
The meeting was attended by Federal Ministers Jam Kamal Khan, Muhammad Aurangzeb, Dr Musaddik Malik, Ahad Khan Cheema, Deputy Chairman Planning Commission Jahanzeb Khan, State Bank governor and relevant senior officers.
In a recent address, PM Shehbaz highlighted the critical need for urgent actions to enhance the competitiveness of exports. As part of a comprehensive strategy to drive economic growth, the government is committed to implementing measures that will bolster the export sector. Recognizing the importance of this endeavor, the PM emphasized the necessity for a coordinated approach involving key stakeholders and industry players. Moreover, he underscored the significance of devising effective policies and providing necessary support to businesses to ensure a more conducive environment for export activities. With the government’s focus on prioritizing the enhancement of export competitiveness, it is imperative for all relevant parties to collaborate and contribute towards achieving this ambitious goal.
Source: ARY NEWS
Prime Minister Shehbaz Sharif emphasizes urgency in enhancing export competitiveness through trade policy reforms, including facilitating non-traditional exports and prompt duty drawback payments. He underscores private sector involvement in policy-making and the need to boost the auto sector. Discussions on Free Trade Agreement and transit trade agreements are in progress, while e-commerce and transit trade show positive growth. Additionally, consultations on Preferential Trade Agreements and the Technology and Innovation Fund for industrial development are in motion.
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