ISLAMABAD, July 18: The new trade policy envisaging significant increase in export target for the fiscal 2003-04 laying major emphasis on agriculture sector will be announced here on Saturday.

Commerce Minister Humayun Akhtar Khan will announce the policy in a televized speech in the afternoon.

The export target is likely to be increased to $11.5bn for the fiscal year 2003-04. The policy is being prepared to cope with the growing challenges of the world market in the wake of WTO regime.

World trade is facing a difficult situation owing to abolition of quota system and changes in tariffs to emerge after implementation of the WTO regime in 2005.

“The new policy is being framed to create awareness among the people about the new trade scenario emerging in the wake of new rules of trade and tariff,” the commerce minister told APP here on Friday.

He said: “We have to safeguard our national interests and the new policy is being devised to pave the way for enhancing the country’s exports.”

The policy will be liberal and export-friendly to meet the growing challenges of the future, he said, adding, protective measures for domestic produce would be accorded due importance.

Besides agriculture and textile, he said, promotion of new sectors, including gems and horticulture, would be given due importance in the new policy.

The complex issues pertaining to social and environmental problems will also be considered to find a viable solution in the larger interest of the nation and country, he added.

He said the country had surpassed the set export target of $10.4 billion for the outgoing fiscal 2002-03 for the first time, hence the new target might be enhanced considerably.

The commerce minister will explain the salient features of the new trade policy at a press conference here on Sunday.—APP