May 06 , 2015
News
Govt wants to present realistic and fair trade policy
* Commerce minister hopes investors will start investing once peace prevailed and energy made availableISLAMABAD: Commerce Minister Khurram Dastgir Khan on Monday said the government was endeavouring to present a realistic, stable, predictable and transparent medium-term trade policy framework, which could effectively address the issues confronted by the exporters of Pakistan.
He expressed these views while addressing 64th meeting of the advisory council that was held to seek proposals for the third Strategic Trade Policy Framework (STPF) 2015-18.
Representatives of Textile Ministry, National Food Security and Research Ministry, Industries and Production Ministry, Water and Power Ministry, Science and Technology Ministry, Information Technology Ministry, Board of Investment, SMEDA, State Bank of Pakistan, provincial governments, Federation of Pakistan Chambers of Commerce and Industry, District Chambers, exporter associations and academia participated and put forth their proposals.
He said that with improving peace and enhanced energy availability in the country, the investors will regain confidence and start investing in the country. He was of the view that priority of the government is to initiate policies, which could reduce the cost and enhance the ease of doing business in the country.
The council was informed that the Commerce Ministry sought proposals from all the relevant stakeholders during the formulation of STPF and received 800 proposals. These proposals were thoroughly scrutinised and several will find their way into the final draft of the policy framework.
The participants put forward numerous proposals and emphasized the importance of bringing consistency in the economic policies. It was proposed that the ministry should work to improve the marketing and branding of Pakistani products abroad by effectively using its trade missions. The government’s support in seeking costly international certifications was sought, as it will help the small exporters to reach high-ended lucrative Western markets. It was proposed that to enhance the exports of perishable items, the government should enhance air cargo space in the national carrier. The participants proposed that the government should negotiate visa issues with its trading partners so that businessmen may travel at considerable ease.
The participants also proposed duty and tax exemptions, which the ministry will look into in detail.
In his concluding remarks, the commerce secretary said that to improve transparency, the ministry is rationalising its tariff structure and reviewing the concessionary regime. In this regard a committee headed by Finance Minister Ishaq Dar and comprising of representatives of various ministries, divisions and trade bodies across the country has been formed.
He said, “The new trade policy would have policy thrust in building supply side capacities, strengthening business environment, creating new market opportunities and increasing our share in existing markets.”
In order to ensure the timely implementation of the new trade policy framework, comprehensive business processes are being developed simultaneously with the policy initiatives. The business processes will be notified concurrently with the announcement of STPF 2015-18. A mechanism for mid-course correction of the policy has been developed. The ministry plans to hold advisory council meetings annually to invite input for corrections and adjustments in policy initiatives without compromising on the basic framework of the three-year policy.
Courtesy www.dailytimes.com.pk