ISLAMABAD - The government has planned to enhance Pakistan’s exports to $46 billion by fiscal year 2024-25 under Strategic Trade Policy Framework 2020-25 by giving incentives to the exporters.

The ministry of commerce has prepared Strategic Trade Policy Framework (STPF) 2020-25, which would be shortly presented before the cabinet for approval, officials informed The Nation. The incumbent government wanted to increase the country’s exports in next five years by giving incentives to exporters, the officials said. Under the proposed STPF, the government has estimated to enhance the exports to $26 billion in next fiscal year from estimated $23 billion of the ongoing fiscal year. Exports would further increase to $31 billion in 2021-22, $35 billion in 2022-23, $40 billion in 2023-24 and $46 billion in 2024-25.

Officials informed that objective of the proposed STPF would be to enhance efficiency of the local industries in order to meeting the international requirements. They said that through this framework, the fundamental principles were also being set so as to addressing difficulties in preparations of products for export besides ensuring trouble-free refund to the business community and ensuring also continuity in policies and timely payments for the next 3-5 years.

Under the prime minister, a high-level committee will be constituted to keep an eye on the progress with regards to the framework. Under STPF, with inclusion of textile, leather and surgical products, sports, carpets, rice, cutlery, informal and development sectors including, engineering products, pharmaceutical, auto parts, processed food and beverages, footwear, gem and jewellery, fruits, vegetables, as many as 26 sectors had been included that would be given special attention.

To achieve a sustainable rapid export growth a comprehensive strategy has been devised to optimize the growth of existing sectors in the short term, diversifying into new sectors with an ease of diversification in the medium term, and structurally develop the innovation-driven export sectors in the long term.

Ministry of Commerce would implement Tariff Policy with the objectives that inclides making the the tariff structure a true reflection of trade policy priorities, improving competitiveness of manufacturing especially the export sector through duty free access to imported raw materials, rationalize the tariff structure for enhancing the efficiency of the existing domestic activities, reducing the relative disincentive for the exporting activities and improving the growth potential of the country and increasing employment opportunities by attracting investment into efficient industries.

Ministry of Commerce will focus on best utilization of current regional and bilateral trading arrangements through detailed review and negotiation. New trading arrangements will be pursued with utmost care to protect local industry and focus on market access for value added goods. For optimizing utilization of enhanced market access under FTAs, PTAs and GSP Plus, a market communication strategy will be implemented to disseminate the information on opportunities available for Pakistani enterprises under the preferential market access arrangements.