Engineering Post Report
The federal government was in the process of planning effective policy measures in order to strengthen the external sector of the economy and bolstering exports, curbing unnecessary imports, enhancing home remittances by Overseas Pakistanis and inflow of Foreign Direct Investment (FDI).
Trade Policy Framework 2022-25 outlines the vision, objectives, targets and interventions for enhancement of export competitiveness of Pakistan. It aims at achieving the export target of US $ 40 billion by 2025 through improvement in export diversification , value addition, technological up gradation , trade facilities , ease of doing business and enhancing regional and bilateral trade cooperation.
The policy focuses on 18 primary sectors, both emerging and established, based on the potential for export growth, value addition, employment generation and contribution to Gross Domestic Product (GDP). It included engineering, leather, processed food and beverages, fruits and vegetables, meat and poultry, pharmaceuticals, software development services, business outsourcing logistics, institutional coordination, gems and jewellery, home textiles, surgical instruments, sports goods, footwear , auto parts and chemicals.
In order to achieve the goals set out in the policy, Strategic Trade Policy Framework has suggested various measures such as duty drawback, export development fund, markup support, technology acquisition fund, product development fund, branding and certification support, e-commerce development, trade diplomacy and dispute resolution, ease of doing business and trade facilitation improved by simplifying procedures, reducing costs, enhancing transparency and efficiency and strengthening institutional capacity. For enhancing regional trade and bilateral trade cooperation, pursuing preferential trade agreements, engaging in trade diplomacy, resolving trade disputes and promoting regional connectivity will be focused. Policy initiatives for enhancing exports and managing imports introduced during the last financial year 2022-23 and trade reforms and initiatives likely to be undertaken during the ongoing financial year 2023-23 will be mentioned on these pages next month, please.