ISLAMABAD, July 20: The government will announce the new trade policy on Thursday laying emphasis to further liberalize foreign trade with export target of around $16.5 billion for the fiscal year 2005-06.

Commerce Minister Humayun Akhtar Khan will unveil the policy on radio and television at 7.15 p.m. The export target might be revised in the cabinet meeting to be presided over by Prime Minister Shaukat Aziz.

The policy offers incentives for the special zones, measures for promoting the trade in services sector and export subsidy for special products. There will be no ambitious proposals for promotion of the exports.

The main focus of the trade policy is to strengthen the efficiency of the exporters for increasing their production, a series of measures to be taken for the implementation of the previous two years initiatives announced in the trade policies.

Moreover, the government would announce the restructuring plan of the National Tariff Commission (NTC) to make it an organization to contest dumping cases on behalf of the exporters.

It is likely that the government might announce the much delayed restructuring plan of the Export Promotion Bureau to make it an effective and exporter friendly organization.

The trade policy would also further liberalize the conditions by allowing the import of second-hand machinery most related to the five sectors - textile, carpet, sports, surgical and leather.

There is a proposal to further facilitate the overseas Pakistanis by giving them maximum benefits in the baggage rules - gift scheme, transfer of residence scheme particularly related to second-hand vehicles’ import.