The commerce ministry faces the business community's wrath on Monday (April 28) at a meeting of the advisory council in Islamabad which is an annual event aimed at formulating trade policy in consultation with the representatives of all the trade associations.
To be presided over by Commerce Minister Shahid Khaqan Abbasi, the meeting would be briefed by Commerce Secretary Syed Asif Shah, Trade Development Authority of Pakistan Chairman Tariq Ikram, besides senior officials of the Federal Board of Revenue, the Finance Ministry, the Planning Commission, the Minfal and the Ministry of Industries.
Tariq Ikram is reported to have applied for one-week leave that coincides with the date of the advisory council meeting. The business community representatives have openly criticised TDAP for not providing them adequate support.
The commerce ministry had invited proposals from chambers of commerce, industry, agriculture and other trade bodies throughout the country with a deadline of March 25 for submission but the deadline was extended to April 25 as the business community did not show any interest in the process.
The sources said that most of the proposals received by the ministry so far were of personal nature or related to research and development (R&D) facility or long-term financing on 4-5 percent interest.
At a recent meeting, Secretary Commerce apprised the Economic Co-ordination Committee (ECC) of the Cabinet that textile exports now accounted for 54 percent of total exports against the previous 63 percent.
In his extempore overview of trade profile, the commerce secretary apprised the ECC about the problems which included Long Term Finance (LTF) facility, freight subsidy, R&D support, special export zones, compliance and other buyer-driven initiatives, market access dialogue including FTAs and PTAs.
The sources said that all the proposals of the chambers and trade bodies would be discussed with other stakeholders before presenting them to the Prime Minister and federal Cabinet for approval.
In the past the commerce ministry routinely invited proposals from the business community but seldom incorporated them as policy. The sources said that the commerce minister, like his predecessor Humayun Akhtar Khan, will hold talks with all the stakeholders and incorporate their recommendations in Trade Policy 2008-09 as appropriate.
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