ECC to approve 5-year trade framework

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.

The Ministry of Commerce had submitted a summary on the draft STPF 2020-25 to the ECC of the cabinet for its consideration, after seeking approval of the prime minister.

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Subsequently, the ECC, in its meeting held on March 31, 2021, deferred consideration of the summary and directed the commerce ministry to hold further consultations with the relevant stakeholders.

Sources said that MoC has addressed the objections pertaining to determining value and some tax relaxation, incorporating the views of SBP and FBR in the updated draft.

Sources said that the MoC has proposed an Rs37.15 billion export including Rs10 billion services sector target for the current fiscal year 2021-22 (FY22).

It may be mentioned here that exports during the year 2020-21 (FY21) amounted to Rs25.36 billion against the target of Rs24.14 billion. 

The MoC has also recommended relaxation for the engineering, textile, leather, and fans in the proposed policy. 

It is pertinent to mention here that the ECC deferred the approval last Friday owing to the absence of the Advisor to Prime Minister on Commerce, Textile and Board of Investment Razzaq Dawood, and secretary Commerce.

 

 

 

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Shahzad Paracha
The writer is a member of Pakistan Today's Islamabad bureau. He can be reached at [email protected]

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