ISLAMABAD, March 20: The commerce ministry will be briefing President General Pervez Musharraf on Thursday about the impact of US-led attack on Afghanistan on the exports during Federal Export Promotion Board meeting.
An official source told Dawn on Wednesday that the president will also be briefed on the measures taken to offset the impact.
President Musharraf will preside over the meeting. The meeting will be attended among others by members from the private sectors, chairman, Export Promotion Bureau, secretary commerce and chairman, CBR.
The government is also likely to announce a package of incentives for the exporters, who face financial crunch following the cancellation of their orders by the importers of United States and to some extent of the European countries.
The chairman, EPB, Tariq Ikram will give briefing to President Musharraf on the export promotional measures. He will also informed the meeting about the export of rice, leather, wheat and engineering goods.
Pakistan’s total exports during the July-February period of the current financial year stood at $5.809 billion against $5.988 billion during the same period last year, a decrease of 2.99 per cent.
On monthly basis, the exports declined by 6.79 per cent to $652.101 million in February against $754.719 million last year.
The chairman, CBR, Riaz Ahmed Malik will also brief the president on the payment of withheld rebate/refund to exporters.
President Musharraf seeing the massive decrease in the country’s exports and imports had directed the CBR to release maximum refund/rebate to give exporters some relief.
The official said that the CBR paid Rs50 billion refund/rebate to exporters during the July-Feb period of the current financial year against Rs35 billion paid during the same period last year, an increase of 42.85 per cent.
Secretary, commerce, Mirza Qamar Baig will brief the meeting on the trade policy announced last year and its possible impact on the country’s trade so far.
Moreover, members from the private sector will apprise the president of the problems being faced by business community.
Pakistan is already facing huge trade deficit as well as a dwindling foreign investment as a result of Sept 11 happenings.
Officials estimate around $2 billion shortfall in the national economy during the current fiscal.
Our Staff Reporter from Karachi adds: The Federal Export Board is likely to lower export target from original projection of $10 billion.
Sectoral export performance of exports will be reviewed but the irritant for the private sector will be the issue of cotton procurement by the TCP.
The All Pakistan Textile Mills Association (Aptma) had been opposing TCP sales of cotton to foreign buyers and had been demanding that local textile mills should also be allowed to participate in the sales.