PM Shehbaz orders policy formulation to facilitate businesses, enhance export competitiveness

Published May 10, 2024
Prime Minister Shehbaz Sharif chairs a review meeting on trade related matters in Islamabad on Friday. — APP
Prime Minister Shehbaz Sharif chairs a review meeting on trade related matters in Islamabad on Friday. — APP

Prime Minister Shehbaz Sharif on Friday gave orders for the formulation of trade policies to facilitate the business sector and enhance the competitiveness of exports.

Chairing a high-profile meeting on the trade sector, the premier also called for steps to promote the export of non-traditional goods and ordered that exporters receive immediate payment of the certified duty drawback.

He also urged consultation with the private sector on policymaking and implementing the deletion policy to uplift the auto sector.

A post by the government on X outlined the directives issued in the meeting.

PM Shehbaz additionally ordered a comprehensive strategy to scrutinise the performance of trade and investment officers posted in missions abroad, rewarding good performers and removing underdelivering staff.

Shehbaz told the meeting that he would review the export sectors every fortnight.

The prime minister was informed that discussions on the free trade agreement between Pakistan and the Gulf states were in their final stages and transit trade agreements with Uzbekistan and Tajikistan had already materialised.

During the recent Pak-Saudi Business Conference, around 450 business-to-business meetings were held, while the volume of e-commerce trade was witnessing a constant increase with the enlisting of over 3,000 firms on the Pakistan Trade Portal, the meeting’s participants were told.

They were also apprised of the strict monitoring of Afghan Transit Trade, the double-digit premium growth of public sector insurance companies, finalising the Gem Export Framework and the in-principle approval by Pakistan and Russia to begin barter trade.

The participants were further informed that consultations with stakeholders were underway on preferential trade agreements with Azerbaijan and Afghanistan and on the new Strategic Trade Policy.

Moreover, necessary legislation is being worked on to establish the Technology and Innovation Fund for industrial development.

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