Govt to evolve comprehensive STPF -2018-23 for increasing country’s trade

ISLAMABAD: Federal, Secretary Ministry of Commerce and Textile Industry, Muhmmad Younas Dhaga on Wednesday said that it was priority of the government to evolve comprehensive Strategic Trade Policy Framework (2018-23) for increasing country’s trade.

Owing to government prudent trade policies, country's exports increased in last three months and are expected to reach at $ 23 billion in coming months till June, 2018, Secretary Commerce said this while addressing to consultative sessions for the Strategic Trade Policy Framework 2018-23 with the business community of the country here on Wednesday.

The consultative sessions for the Strategic Trade Policy Framework 2018-23 with the business community was organized by Ministry of Commerce and Textile Industry here.

Secretary Commerce said that the objective of organizing the consultative sessions across the country with business community, think tanks and academia is to deliberate on existing STPF 2015-18, point out its loopholes, and identify current issues from stake-holder's viewpoint.

He said that in recent negotiation with China and Indonesia on Free and Preferential Trade Agreement, the government was successful for getting tarrif reduction facility on top exports of the country.

He informed that in the upcoming STPF, Ministry of Commerce is devising the Long, medium and short term trade policy for the period of five years so that trade could benefit from the incentives announced in STPF 2018-23.

The major focus of STPF would be upon boosting exports in the Technology and Services Sector, competitiveness and investment linkages, particularly attraction of Foreign Direct Investment (FDI) in the export related Industry and integration of local industry into global value chain.

He emphasized upon the stakeholders for their concrete proposals based upon proper research of markets and data, for their consideration by Ministry of Commerce and incorporation of the same in the upcoming STPF 2018-23.

On the occasion business community of the country, appreciated the efforts of Ministry of Commerce and Textile Industries for considering consultation with the traders.

In consultative meeting Vice President of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) hailed the government efforts for consulting the with business community to make consensus on STPF 2018+19.