PM Approves the Strategic Trade Policy Framework and Textile Policy

Prime Minister Imran Khan in principle has approved the Strategic Trade Policy Framework (STPF) and Textile Policy and now these will be processed under the Rules of Business, said Razzak Dawood, Adviser to Prime Minister on Commerce and Textile. The Advisor took Twitter and said that the policymaking process stands completed, now they move towards the implementation phase which will pave the way for rapid industrialization.

PM Approves the Strategic Trade Policy Framework and Textile Policy

Meanwhile, Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh chaired a meeting here at the Finance Division to review the proposals for the facilitation of Exports Oriented Sectors with special focus on small and medium enterprises which can play a more vibrant role in export promotion with the provision of certain facilities by the government.

Adviser to the Prime Minister on Commerce Abdul Razzaq Dawood and Ali Habib gave a detailed briefing to the participants of the meeting on improving the system of duty drawbacks and export rebates that could help with the cash flow situation of the exporters and reduce the burden through automation and reduced tiers for verification.

Other proposals included updating the lists of the rate of rebates offered on different exported items and provision of funds to SBP for clearing rebates in a faster manner. The meeting was briefed that 26 sectors, which can provide exportable materials, have put forward their suggestions for the facilitation and promotion of exports from the country and some of the proposed measures do not even require any monetary contribution from the government.

Adviser Finance appreciated the work done by the Commerce Ministry and the input given by FBR and Customs on the proposals. He said that the Government aims to provide ease with a maximum degree of automation and transparency to the exporters.

He directed the Ministry of Commerce to hold further discussions with all stakeholders and prepare draft proposals for making an effective policy for increasing the volume of exports from the country. He said all possible cooperation in the matter shall be provided by the Ministry of Finance and the needful will be done in the next budget.

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