ISLAMABAD, April 28: Federal Minister for Commerce Shahid Khaqan Abbasi said here on Monday that all stakeholders would be consulted before framing the new trade policy.

The trade policy, he said, gives an opportunity to traders to improve their production and increase exports of the country.

He was speaking at the 59th meeting of the advisory council on trade policy.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Tanvir Ahmed Sheikh termed higher growth in imports as major cause of rapid increase in trade deficit.

The export-oriented industries, he said, are successfully maintaining their export targets.

However, rate of growth in imports is much greater than the targeted growth, he said.

He, however, observed that use of imported luxurious goods is becoming common.

During the first nine months of the current fiscal year, Pakistan spent more than $1.8 billion on import of transport goods.

He expressed the hope that the forthcoming trade policy would bring radical changes in exports history of the country.

Various stakeholders were of the view that there should be enhancement of exports by addressing sectors like agriculture, engineering and textile.

They said that oil and electricity rates have increased cost of doing business, and as such the input cost for export-oriented sectors must be reduced by rationalising taxes and duties on imports.

The export industry also demanded setting up of marketing, display centers and warehouses for better exports.

Commerce Secretary Syed Asif Shah urged the participants to submit their proposals in writing.

“We heard all stakeholders and will also take the proposals in writing.”

After taking all suggestions and consultations, the trade policy would be framed, he said.