January 18, 2019: The Ministry of Commerce was working on a new Strategic Trade Policy Framework (STPF) to reduce cost of production and encourage investment in export-oriented sectors.
Parliamentary Secretary of Commerce Shandana Gulzar Khan informed the National Assembly on Friday that the ministry was finalizing national tariff policy so that the tariff structure reflect trade policy priorities, improve competitiveness through duty-free access to import raw materials and encourage value addition through the principle of cascading of tariffs and removing anomalies in the tariff structure.
She said that STPF would also include measures for tariff rationalization, promotion of research and development in manufacturing sector and facilitation of SMEs for integration into Global Value Chains.
She informed the National Assembly that country’s exports during last decade, have increased from $17.4 billion (200- 09) to $23.2 billion (2017-18), with an average annual growth rate of almost 6%.
During July to June 2017-2018 exports were US$ 23.22 billion against US$ 20.422 billion during the same period of last year, showing an increase of 13.71%, she said.
Continuing the momentum of rising export the first quarter has also showed export growth of 5%, she added.
She said textile products continue to dominate the Pakistan’s export basket with 58% share and it has increased from US$12.45 billion in financial year 2016-17 to US$13.53 billion in financial year 2017-18.