revised
Business

Revised trade policy for 10 months to be announced

ISLAMABAD: The federal government has decided to bring a revised trade policy which will be implemented for 10 months.

According to sources, the trade policy that would be revised by the leadership of the new prime minister will be exporter-friendly.

Although the previous ministry announced earlier to revise the policy, it will be done anew under the leadership of the new commerce minister, Pervez Malik.

Work on the revised policy is said to be completed by the end of August, after which it would be presented in before the Cabinet for approval, sources added.

The revision decision came under consideration to enhance the plummeting exports of the country.

The trade policy called strategic trade policy framework (STPF) was announced in March 2016 but remains unimplemented.

As per STPF announced by Former minister for commerce Khurram Dastgir, the revised policy would aim at changing the economy from being factor-driven to efficiency-driven.

Moreover, according to the STPF, it has been identified that the use of inefficient technologies is the principal constraint in exports of selected sectors such as fans, home appliances, rice, cutlery and sports goods. Besides, what can lead to a quantum jump in total exports are the leather, pharmaceutical, fisheries and surgical instruments as they have a high export potential, states the website of Ministry of Commerce.

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Azhar Hashmi

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