PM sets $60 billion export target, orders tariff, industrial reforms

Prime Minister Shehbaz Sharif has directed the formulation of a long-term strategy to increase Pakistan’s exports to $60 billion over the next five years, with a focus on IT, services, and agriculture.

Chairing a meeting, the prime minister emphasised the need for industrial expansion through tariff structure reforms and simplification of business regulations. He instructed his economic team to introduce sustainable reforms aimed at boosting exports and achieving economic stability.

The Ministry of Commerce briefed the prime minister on ongoing initiatives, including gradual tariff reductions over the past two years. It was highlighted that international trade exhibitions were being hosted annually in Pakistan to promote exports. 

Additionally, consultations on the Strategic Trade Policy Framework 2025-30 are ongoing, while the e-commerce policy is in its final stage and will be submitted for cabinet approval next month.

In a separate meeting on health and pharmaceutical sector reforms, Shehbaz ordered the establishment of a drug testing laboratory in Islamabad to ensure compliance with international standards. 

He also directed the launch of mobile hospitals in remote areas, including Islamabad’s outskirts, Gilgit-Baltistan, Kashmir, and Balochistan. The government is also working with provincial authorities to curb counterfeit medicines through coordinated enforcement efforts.

The prime minister stressed the need for research-driven growth in the pharmaceutical industry to boost exports, which currently stand at $500 million. Officials informed him that reforms were underway to facilitate research and improve regulatory mechanisms in the sector.