LAHORE, June 27: Minister of State for Commerce Hamid Yar Hiraj has said the new trade policy would be announced by the end of July. He told reporters after inaugurating the two-day Pakistan International Footwear Exhibition, Juft Shoe Show-2005, at a local hotel here on Monday that the recommendations for the policy had been finalized and would soon be submitted to the cabinet for approval.

Mr Hiraj said the current financial year’s export target of $14 billion would be retained during the next year as well.

He said he felt that no country was dumping its products in Pakistan but the industrialists feeling otherwise could file complaints with the National Tariff Commission for the redressal of their grievances.

He said trade talks were going on with India but suitable areas were to be identified by private sectors of both the countries.

Inaugurating the show earlier, Mr Hiraj said the government would protect the interests of the industry and would not allow dumping of goods by any country. He said Pakistan’s trade with India should be mutually beneficial. Both the countries should start trade in five to 10 products which were not being produced in either of the countries and were being imported from other countries.

He said the trade between India and Pakistan through third countries like Singapore and Dubai should be stopped and direct trade be started. Both the countries should also start the trade via land along with sea and air and Wagah should be opened for this purpose.

The inauguration ceremony ended with the signing of a memorandum of understanding between the Pakistan Footwear Manufacturers Association and the India Footwear Components Manufacturers Association. The MoU was signed by PFMA Chairman Waim Zakaria and IFCOMA President Mani Almal.

Mr Zakaria said the two organizations had agreed to exchange footwear technology and information. Pakistan would export leather to India and import footwear components. All the materials were on free import list and the volume of India-Pakistan footwear and components trade through regular channels was $97 million.

He said the Juft show was held after an interval of five years. It could not be held after the 9/11 incident because of fears about the ability of the industry to export. Footwear exports had, however, increased from $37 million in October 2001 and were expected to exceed $1 million this year despite a reduction in dollar exchange rate and a cut in duty drawback from 11 per cent to five per cent. The footwear sector had set an export target of $200 million to be achieved in the next two years.

The state minister later visited the show and was briefed about the products by stallholders. Of 57 stalls at the show, 20 have been set up by India footwear component manufacturers. Stalls have also been set up by footwear component manufacturers from Germany, Italy, France and Thailand.