Strategic Trade Policy Framework (2018-23) to be prepared by month-end

Initial draft of Strategic Trade Policy Framework (2018-23) would be prepared and as share by mid of March, 2018 to all stake holder including private sector for further consultation and improvise the issues faced by traders in the country.

Priority of the government is to increase the country’s export by over $ 36 billion to reduce the trade gap and generating the revenue for economic growth, official sources said. 

The government is committed for sector specific intervention to increase trade and is also prioritizing integration of Small Medium Enterprises (SMEs) in trade policy 2018-23, senior official of Ministry of Commerce and Textile told APP here on Friday.

He said that export led growth and use of modern technology would be hall mark of coming trade policy with involvement of all Chambers of commerce and association in the country.

The senior official said that in coming trade policy “We are focusing on mainstreaming women by involving all 12 women chambers in trade activities to promote the role of women in country’s economy.

He said that technology and innovation driven items would be focused for enhancing the country’s exports, adding that export led growth is only solution for empowering country’s economy.

He said that “We are focusing on tax rationalization and ease of paying taxes to facilitate the local and international investors.”

He said that the government will also consult all stakeholders to promote export-led foreign investment in the country.

“The ministry has also set long, medium and short term goals to increase the country’s export for economic growth and prosperity.

Replying to another question, he said owing to governments prudent trade policies, country's exports increased in last three months and are expected to reach at $ 23 billion in coming months till June, 2018.

He informed that in recent negotiation with China and Indonesia on Free and Preferential Trade Agreement, the government was successful for getting tariff reduction facility on top exports of the country.

He further said that in the upcoming STPF, Ministry of Commerce is devising the long, medium and short term trade policy for the period of five years so that trade could benefit from the incentives announced in STPF 2018-23.

He emphasized upon the stakeholders for their concrete proposals based upon proper research of markets and data, for their consideration by Ministry of Commerce and incorporation of the same in the upcoming STPF 2018-23.