Trade policy widely hailed

Business and Industrial community has welcomed the trade policy saying that 17 billion dollars export target is quite achievable. They said that it is just a rise of 18 percent as compared to last year export target of 13.7 billion dollars.
Chairman Site Association of Industry (SAI) Dr Mirza Ikhtair Baig has welcomed the trade policy for the year 2005-06, announced by Commerce Minister Hamayun Akhtar, and said that the export target of 17 billion dollars is very much achievable.
Talking to Business Recorder, he said that in 2004-05 the export target was 13.7 billion dollars whereas we achieved a total export of 14.41 billion dollars.
He said that in the budget for the year 2005-06 the government had made textile sector zero-rated and added that the business community was pleading for quite some time that they could achieve additional growth of 25 percent if this sector was made zero-rated.
Ikhtiar Baig said that this year (2004-05) export of textiles was 8.5 billion dollars that came to 60 percent of the total exports. But last year (2003-04) it was 67 percent of total exports. He said in the year 2004-05 other exports including rice, leather, chemicals, petroleum products, carpet and surgical goods, etc touched 5.9 billion dollars mark.
The SAI chief appreciated a shift in trade policy with looking towards local market. Earlier, the government was talking about exports only.
He noted that India and China both were focusing on their local markets because as the per capita income of their people increases they have money for purchase more. Likewise, if the per capita income in Pakistan also increases people would have more purchasing power.
Dr Mirza Ikhtiar Baig also appreciated trade policy emphasis placed on signing more Free Trade Agreements (FTA) and Preferential Trade Agreements (PTA) with different countries. He also welcomed emphasis on reducing cost of doing business.
The SAI chief welcomed the establishment of Textile skill Development Board.
Former President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Tariq Saeed has welcomed the new trade policy and said that the export target fixed by the government is achievable.
He also appreciated relaxation in four conditions for the import of old and used cars by the overseas Pakistanis under transfer of residence (TR) scheme, Baggage rules and gift scheme.
Tariq Saeed appreciated allowing import of nine different types of used machinery. He also welcomed the government's move of declaring gems and jewellery sector as industry.
Tariq Saeed welcomed extension of time limit for re-export of jewelry from 90 days to 180 days He also hailed withdrawal of condition of prior recommendation from the Regulatory Authority for import of machinery, equipment, specialised vehicles, etc on import cum export basis.
Tariq Saeed also welcomed the shift in the policy towards local market and said that local market is huge and needs proper attention.