Islamabad (Web Desk): Prime Minister Shehbaz Sharif on Friday called for urgent steps to make the country's exports more competitive.
Chairing a review meeting on trade related matters in Islamabad, he said measures should be taken for exports of non-traditional items.
PM Shehbaz emphasised developing such a trade policy that facilitates business.
“Consultation should be held with the private sector to formulate policies regarding ease of trade and business,” he said.
The prime minister noted the role of private sector and industry is very important in the country's development.
PM Shehbaz directed to ensure timely payment of duty drawbacks to exporters. He insisted that deletion policy should be implemented for the development of the country's auto sector.
The prime minister directed to prepare a comprehensive strategy to evaluate performance of trade and investment officers posted in Pakistani embassies abroad.
PM Shehbaz said he will review the export sector twice a month.
In the meeting, the prime minister was told that the discussion on the Free Trade Agreement between Pakistan and the Gulf states was in the final stage and transit trade agreements with Uzbekistan and Tajikistan had already been materialized.
It was told that during the recent Pak-Saudi Business Conference, around 450 business-to-business meetings were held and that the volume of e-commerce trade was witnessing a constant increase with the enlisting of over 3,000 firms on the Pakistan Trade Portal.
The meeting was also apprised of the strict monitoring of Afghan Transit Trade, double-digit premium growth of public sector insurance companies, finalising Gem Export Framework, and in-principle approval by Pakistan and Russia to operationalise the barter trade.
It was told that consultation with the stakeholders was in progress on Preferential Trade Agreements with Azerbaijan and Afghanistan, as well as on the New Strategic Trade Policy.
Moreover, necessary legislation was also being made to establish the Technology and Innovation Fund for industrial development.
Federal ministers Jam Kamal Khan, Muhammad Aurangzeb, Dr Musaddik Malik, Ahad Khan Cheema, Deputy Chairman Planning Commission Jahanzeb Khan, State Bank governor and relevant senior officers attended the meeting.