ISLAMABAD, Nov 11: The government has disbanded the Export Promotion Bureau and replaced it with the Trade Development Authority. A presidential ordinance in this regard was issued here on Saturday.

According to the ordinance, the newly-created authority will oversee the development and promotion of the country’s exports. It said that the authority was being created “to provide a dedicated, effective and empowered organisation within the Ministry of Commerce responsible and accountable for maximisation of exports” besides providing “effective support and structured interaction with stakeholders in the formulation of consistent, practical and effective trade policies, regulations and trade development initiatives”.

The ordinance said that there was a “need for establishing greater clarity of institutional arrangements and linkages for purposes of policy formulation and the development of initiatives and implementation thereof amongst the Ministry of Commerce and trade development organisations and the private sector”.

The authority, which will be under the administrative control of the Ministry of Commerce, will inherit “all assets, liabilities, inclusive of, but not limited to intellectual property of Export Promotion Bureau”. The authority’s chief executive would be appointed by the federal government for a three-year tenure, which would be extendable.

The ordinance says that human resource for the “authority shall comprise the following:Commerce and Trade Group officers posted against their encadred posts; contract employees paid from regular budget of the erstwhile Export Promotion Bureau; contract employees paid from the EMDF in the erstwhile Export Promotion Bureau; and government officers on deputation.—APP