Prime Minister Shehbaz Sharif, on Friday, urged immediate steps to make the country’s exports more competitive. He directed officials to create trade policies that support businesses.
During a trade meeting, the prime minister instructed that certified duty drawback for exporters be paid right away. He also recommended promoting the export of non-traditional products.
He emphasized the crucial role of the private sector and said their feedback should be included in policymaking. He ordered the implementation of the deletion policy to support the auto industry.
PM Sharif asked the concerned ministry to develop a plan to evaluate the performance of trade and investment officers in overseas missions. Officers who perform well will be rewarded, while those who do not will be removed. The prime minister stated that he would personally review the export sectors every two weeks.
During the meeting, the prime minister was told that transit trade agreements with Tajikistan and Uzbekistan were already in place. Additionally, negotiations for a free trade agreement with Gulf countries were almost complete.
It was also mentioned that about 450 business-to-business meetings happened at the recent Pak-Saudi Business Conference, and e-commerce was growing, with over 3,000 companies registered on the Pakistan Trade Portal.
The meeting covered several other topics. The Gem Export Framework was being finalized, stricter checks on Afghan Transit Trade were implemented, public sector insurance companies had experienced double-digit premium growth, and Pakistan and Russia had agreed to start barter trade in principle.
Furthermore, discussions for the New Strategic Trade Policy and Preferential Trade Agreements with Afghanistan and Azerbaijan were in progress. Steps were also being taken to establish a Technology and Innovation Fund to boost industrial development.
The meeting was attended by the Governor of the State Bank, senior officials from various departments, and federal ministers Jam Kamal Khan, Muhammad Aurangzeb, Dr. Musaddik Malik, Ahad Khan Cheema, and the Deputy Chairman of the Planning Commission, Jahanzeb Khan.
