Trade Policy 2012-2015 salient points

January 31, 2013 | By More

·    The Ministry of Commerce Pakistan has announced the second Strategic Trade Policy Framework (STPF) 2012-2015 aimed at achieving export target of $95 billion in the next three years.

The major objectives of the STPF 2012-2015 included:

1.     Focus on regional trade,

2.     strengthening of the institutional framework for promotion of exports,

3.     creation of regulatory efficiencies,

4.     export development initiatives,

5.      increase exports from less developed regions of Pakistan,

6.     promotion of domestic commerce

7.     strengthening the monitoring and evaluation mechanism. 

 ·     The ministry has also announced to rationalize Tariff Protection Policy to create a competitive environment through certain reforms:

1.     ensure conformity to international agreements and practices.

2.     promote domestic and foreign investment.

3.     create level-playing field for Pakistani firms in international as well as domestic markets.

4.     due consideration to consumer welfare.

5.     cater to the changing needs of Pakistan’s economy.

6.     create an enabling environment to pursue the legitimate goal of industrialization in Pakistan.

·   The ministry will also establish Pakistan Land Port Authority to strengthen Regional trade by adopting following measures:

1.    Trade integration with South Asia, China and the Economic Cooperation Organization countries is likely to increase the volume of trade flows across our land borders.

2.     our borders at land ports lack world class trade facilities. In order to transform our land ports into efficient facilitators of trade while simultaneously being responsive to security issues and smuggling, human.

·        Setting up of Exim Bank:

1.   with the help of provincial governments, this bank would not only provide export credit, it would also provide supplier’s credit and export credit guarantees.

·         Promotion of services sector exports:

1.     To tap the enormous potential of export of services, especially to Asia, it has been decided to establish a Services Trade Development Council in collaboration with the relevant sectors.

·         Creating regulatory efficiencies:

1.     A Resource Management Unit in the Ministry of Commerce and an International Trade Dispute Arbitration Council will be established.

2.    It would give the country a more efficient, time saving and relatively inexpensive mechanism for trade dispute resolution.Click here for more details.

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Category: Taxation and Budget

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