The Prime Minister presided over a meeting focused on enhancing the trade sector, stating the need to boost exports of non-traditional goods and ensuring prompt payment of certified duty drawbacks to exporters. Recognizing the pivotal role of the private sector, he acknowledged the importance of engaging in consultations with them during policy formulation and stated the implementation of policies to bolster the auto sector.
Prime Minister Shehbaz instructed the relevant ministry to develop a comprehensive strategy for evaluating the performance of trade and investment officers serving in Pakistan’s missions abroad, with commendations for exemplary performance and removals for incompetence.
He announced his intention to personally conduct fortnightly reviews of the export sectors to ensure progress and address any challenges faced.
During the session, it was reported that discussions on the Free Trade Agreement between Pakistan and the Gulf states were nearing conclusion, and transit trade agreements with Uzbekistan and Tajikistan had already been successfully concluded.
Participants were informed that the recent Pak-Saudi Business Conference facilitated approximately 450 business-to-business meetings, while the volume of e-commerce trade was on a steady rise, with over 3,000 firms now enlisted on the Pakistan Trade Portal.
Additionally, updates were provided on the stringent monitoring of Afghan Transit Trade, robust growth in premiums for public sector insurance companies, the finalization of the Gem Export Framework, and the in-principle approval by Pakistan and Russia to activate barter trade.
Consultations with stakeholders were reported to be underway regarding Preferential Trade Agreements with Azerbaijan and Afghanistan, as well as the formulation of the New Strategic Trade Policy. Legislative measures were also underway to establish the Technology and Innovation Fund for industrial development.
The meeting was attended by Federal Ministers Jam Kamal Khan, Muhammad Aurangzeb, Dr. Musaddik Malik, Ahad Khan Cheema, Deputy Chairman Planning Commission Jahanzeb Khan, State Bank Governor, and other senior officials relevant to the discussions.
