The business community hailed Prime Minister’s initiative to seek stakeholders’ suggestion on its broad-based consultative process to formulate Strategic Trade Policy Framework (STPF) 2018-23 for the period five years to encompass issues pertaining to supply chain development, market access initiatives, trade promotion, trade facilitation, reduction of cost doing business and facilitate business community to avoid unnecessary hurdles in importing and exporting.

Federal Commerce Minister Muhammad Pervaiz Malik conveyed the salient features of proposed the trade policy to SAARC Chamber of Commerce and Industry Vice President Iftikhar Ali Malik on telephone here on Wednesday,” says a press release.

During the conversation, the minister told the SCCI Vice President that the government is offering an excellent and unprecedented package of incentives to exporters to boost up exports of the country.

The government is taking bold steps and a set of measures to address the issues of the exporters. “Reimbursement of tax refunds and payment of funds under PM package is top priority,” he said and added that the commerce ministry is focused on reimbursement of tax refunds and payment of funds under PM package to boost exporter’s confidence.

He further said Ministry of Commerce will launch a campaign for the international brand marketing of Pakistan. “Pakistan needs hand holding institutions for Small and Medium Enterprises to help them to become exporters”, he added.

Iftikhar Ali Malik who is also Central Chairman United Business Group (UBG)  and Vice President SAARC Chamber said this is the appropriate step in right direction taken by the government for enhancing trade activities in the country.

The entire business community will support the all judicious trade and financial policies of the government to accelerate the pace of development in the country besides generating job opportunities.

Widening export-import gap has become a threat, therefore, government should immediately re-visit its export strategy, cost of doing business should be reduced for the export sector and taxes should be slashed to step fall of the external sector which has endangered the country, he said .

Export earnings need to, more or less, match the import bill to reduce foreign dependence, he said, adding that exports can be enhanced by changing the direction of the economy and focusing on industrial expansion with special attention to the value addition.

He suggested more market and product diversification and measures to improve the quality and sophistication of Pakistan’s export basket besides taking measures to reduce the cost of doing business, with a few towards creating a more favorable climate for foreign direct investment.

He also underlined the need for greater trade liberalization efforts, which can boost productivity and export competitiveness in Pakistan.

He said that all the countries of the region have changed their policies to make their export sector competitive through innovation, research, education, and by finding new markets.

Previously, the government had announced three years STPF with aim to enhance the country’s exports to $35 billion by the end of June 2018 and now the government has decided to incorporate the proposals of public and private sectors in its five-year Strategic Trade Policy Framework (STPF) 2018/23.