KARACHI, July 22: Commerce Minister, Humayun Akhtar Khan on Tuesday said that from next year, the trade policy would be announced the day following the announcement of the federal budget so that the complementary aspects of the budget and trade policy could be addressed simultaneously.

In a two-hour meeting with president Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Riaz Ahmed Tata at the Governor House, the minister said from this year onwards 50 per cent efforts of the commerce ministry would be focused on trade diplomacy, aimed at creating greater market access, secure tariff cuts and special trade concessions for local exporters.

The commerce minister agreed with Tata that economic growth would be achieved only through increase in exports which would have to be generated by the private business sector. He assured the FPCCI chief that the private sector, through FPCCI, would be represented in all relevant committees and projects envisaged in the trade policy.

According to a press release of the FPCCI, the minister asked the president FPCCI to advise and assist him and EPB in effective implementation of the initiatives taken in the trade policy so that exports could be substantially increased.

Humayun assured that he and his team would hold regular meetings with the private business sector to ensure successful implementation of trade policy and expeditious resolution of problems faced by the local businessmen and exporters.

He said that the commerce ministry, the EPB and other related government departments would extend full cooperation to the private sector businesses and exporters in realizing their optimum potential.

Earlier, Riaz Tata assured the minister of full support of the private business sector in its effective implementation of trade policy. During the meeting, important concepts, strategy and operational aspects of the policy were discussed in detail.

He re-emphasized that the role of the government should be facilitator rather than regulator. If such orientation is practised by the government, he assured the minister that the export target would exceed of $12.1 billion.