The Strategic Trade Policy Framework (STPF) 2015-18 awaits approval of Prime Minister Nawaz Sharif, and it would come into effect immediately after its approval by the PM, according to Commerce Ministry officials. Sources further stated that Chairman of the Senate Standing Committee on Commerce Shibli Fraz decided to take an informal briefing from the members of Pakistan Business Council on the factors leading to a fall in exports.
Sources said that an official of commerce ministry told the Senate Standing Committee on Commerce that all the business process is ready. The absence of committee members led to the postponement of formal meeting. An official of the commerce ministry stated during informal discussion that STPF awaits Prime Minister's approval.
According to sources, Raheela Tajwar, Director General Trade, stated that unlike past, the government has already allocated funds for the policy. Representatives of Pakistan Business Council (PBC) have reportedly expressed dismay over government's lukewarm response to the falling exports. "Pakistan Export Promotion Board, chaired by the Prime Minister has not met for a long time, which reflects how serious the government is to promote the country's exports," they added.
Chief Executive of PBC was quoted as saying that the government was not giving priority to the exports. Sources added that nothing would change unless the government gives priority to exports and takes measures to provide a level playing field to exporters as is provided by other regional countries.
The meeting was informed that PBC, one of the largest private-sector manufacturing and financial services businesses and conglomerates, stated that there would be serious balance of payment challenges as exports are down by $2 billion in July-January 2015 compared to the same period of last fiscal year and growth in remittances is slowing. They added that pressure on balance of payment would rise as repayments become due. The business representative stated that there is a need of a clear long-term export vision, wide buy-in, prioritisation, strategy and accountability.
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