ECC to okay 5-year trade framework
Had deferred approval due to observations made by SBP and FBR
Import of all goods is allowed from across the world unless specified as banned, prohibited or restricted under the Import Poli-cy order (IPO), 2020. PHOTO: FILE
ISLAMABAD:
The Economic Coordination Committee (ECC) is likely to approve the Strategic Trade Policy Framework (STPF) 2020-25.
Earlier, the economic decision-making body had deferred the matter in its meeting held on March 31 due to the observations made by the State Bank of Pakistan (SBP) and the Federal Board of Revenue (FBR).
Now, the commerce ministry has requested the ECC to take up the matter again in its meeting scheduled for Wednesday.
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Priority sector export strategy on anvil
July 4, 2021
Islamabad: The Ministry of Commerce (MoC) and the Trade Development Authority of Pakistan (TDAP) are developing a coherent and comprehensive National Priority Sectors Export Strategy (NPSES) For Pakistan to achieve its trade growth ambition.
MoC and the Trade Development Authority of Pakistan conducted the value-chain consultations on priority sectors in the context of the Strategic Trade Policy Framework recently.
During the consultations, high-level public and private sector representatives agreed on a strategic vision for Pakistan’s trade growth – ‘Pakistan to become a dynamic and efficient domestic market and a globally-competitive export-driven economy’.
More than 180 public and private sector representatives participated in the round of consultations for charting the next export growth cycle of the country.
ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood addressing a press conference on Thursday. Tanveer Shahzad / White Star
ISLAMABAD: Pakistan’s merchandise trade deficit widened by 32.9 per cent, or $7.616 billion, in the outgoing fiscal year (FY21) from a year ago on the back of lower export proceeds and higher than expected imports, data shared by the Ministry of Commerce showed on Thursday.
The annual trade deficit reached $30.796bn in July-June FY21 from $23.180bn over the corresponding period of last year. This may pose some challenges for the government in controlling external accounts.
In rupee terms, the trade deficit was posted at 33.8pc on a year-on-year basis.