ISLAMABAD: The Senate Standing Committee on Commerce has asked the government to approve summary related to the Strategic Trade Policy Framework (STPF) 2015-2018 at the earliest.
Committee Chairman Shibli Faraz, while talking to Customs Today after committee meeting, said that the draft of the policy has been waiting the prime minister’s approval for the last six months. Therefore, he said, the government should hurry up to approve it.
Half of a month’s time has passed and the nation has not seen the new trade policy which is hampering the trade and export related activities he added saying, resultantly, nation is suffering the loss of both domestic and foreign exchange reserves.
He asked the Ministry of Commerce to speed up efforts for the finalization of the said policy to take the traders and exporters out of a state of dilemma.
He maintained that almost a month had passed and if the matter would remain un-expedited, one quarter of the year would be lost by the time the policy would come into force.
Earlier in the meeting, Senate committee asked moinistry of commerce to work on declining exports and work on achieving our export targets with special focus on services and domestic industry. Progress on technological upgradation of Pakistan’s domestic industry to compete the global market and enhace trade costs was also discussed in the meeting.
The committee was informed that all regulatory amendments have been implemented and no hurdles were faced because these amendments were already negotiated with all the relevant stakeholders.
The cumulative export target was aimed at $ 95 billion while a target of $ 74 billion was achieved. This meant that a shortfall of $ 21 billion remains. The committee was briefed that payment of outstanding dues is not implemented and the proposal will be carried over to STPF 2015-2018.
On the sections of strengthening governance and enhancing export policy, the committee was told that consultations for establishing leather export council are in place, domestic commerce setup has been created, establishing women chambers of commerce is in proceess, adhoc relief @3% of FOB has not been yet implemented and strengthening of skill development institute and work on Pakistan Land Port Authority is in process among many other clauses of the policy.
The committee also had a briefing about Transports Internationaux Raoutiers (International Road Transport) TIR and was told that this system is operational in 58 countries and convention will enter into force in Pakistan on 21st January this year. It may be noted that entering this convention will not reduce taxes but will reduce cost of business and will positively affect our Pakistan’s revenue.
