ISLAMABAD, Dec 17: Commerce Minister Humayun Akhtar Khan on Tuesday regretted that Trade Policy 2002-03 had not been implemented yet despite lapse of six months now.

He told reporters on Tuesday that no progress has so far been made on the establishment of much talked about Exim Bank of Pakistan that was announced in the trade policy speech.

He also deplored that neither there was anything on ground with regard to setting up of free trade zone in Gwadar nor any movement on that direction.

Mr. Humayun said he was working on trade and industrial policy of the country that would be aimed at higher growth rate, lower interest rates and competitive utility prices. The policy would be finalized in a few weeks time after consultations with chambers of commerce and trade bodies like he had given investment policy during Nawaz Sharif regime which was still in place.

He, however, regretted that the previous government had imposed 5 per cent duty on A and B categories which under the 1997 policy were zero rated and first year allowance at the rate of 75 per cent had been reduced to 50 per cent.

He said that 5 per cent duty had no tangible revenue impact but it created a lot of problems for the businessmen. He gave credit to the previous government for bringing about macro-economic stability and said that ground was now ready for economic growth.

He said that lower interest rates, input costs and utility prices should be available at the internationally competitive level otherwise there would be no place for Pakistan in the international market and more so when the trade barriers are to be removed next year.

He admitted that exports were under strain due to prevailing exchange rate but he was supportive of the state Bank of Pakistan policy on floating rates.

He was of the view that regional stability, law and order and political stability were pre-requisites for economic development of the country.

Answering a question, the minister said there was no plan to replace, Chairman EPB, Tariq Ikram.