ISLAMABAD: The Prime Minister (PM) Imran Khan has directed the Ministry of Commerce (MoC) to present the next five year trade policy by July 10.
According to sources, the MoC has been unable to present the new trade policy despite work on it being finalised.
Sources further informed that the prime minster expressed his displeasure at the delay and directed the MoC to present the trade policy by July 10.
According to sources, the MoC has proposed a number of relief measures for different sectors in the upcoming trade policy, in order to increase exports to new destinations like Africa and Latin America.
According to MoC estimates, exports would increase to $26 billion in 2020-21, $31 billion in 2021-22, $35 billion in 2022-23, $40 billion in 2023-24 and $46 billion in 2024-25.
However, sources said that the country’s exports remained stagnant due to low quality products and high electricity and gas rates.
Earlier in May, the Adviser to the PM on Commerce and Investment Razaq Dawood had stated that Pakistan’s export during FY20 will not be able to achieve the target of $25 billion and will remain around $22 billion due to the Covid-19 lockdown.
The Ministry of Finance had also submitted a reply in the upper house of parliament last month in which it stated that exports may fall to $21 to $22 billion owing to low commodity prices and decreased economic activity in the United States, European Union, United Kingdom and the Middle East.
In 2015, Pakistan Muslim League Nawaz (PMLN) had announced a three year trade policy with measures aimed at exports of textile, rubber, sports and other sectors, however, the country’s’ exports remained stagnant.