The Export Promotion Bureau (EPB) has prepared a draft of the Export Market Development Fund (EMDF) Act to regulate measures designed to boost the country's exports.
The draft was discussed at the EMDF board meeting held in Islamabad and has now been circulated among exporters associations for comment.
Under the act, the main functions of the EMDF board, which will be chaired by the Commerce Minister, would be to survey foreign markets for Pakistani products and services and development and adaptation of local products to meet the requirements of the foreign markets.
The following are other functions of the EMDF board:
-- Development of foreign markets, opening of offices abroad, promotional campaigns, publicity, participation in exhibitions, and sending/receiving of delegations.
-- Dissemination of information relating to marketing amongst exporters through seminars, publications, film shows and like measures.
-- Engagement of consultants in connection with the activities connected with or incidental to various exports promotion measures.
-- Co-operation with international and national organisations and agencies engaged in marketing research and its activities relating to marketing of goods and services in foreign markets.
-- Establishment/strengthening of offices abroad to promote export of Pakistani goods and services.
-- Establishment and maintenance of display centres in Pakistan and abroad.
-- Support to export services in Pakistan and abroad. This will also include training of human resource and provision of equipment and infrastructure.
-- Marketing management in the EPB.
The draft of the EMDF Act provides that the Fund would be non-lapsable. It will be deposited with the Federal Treasury and or banks as may be approved by the board.
All cheques, bills, notes and other negotiable instruments will be signed by the officer designated by the Secretary.
The board will formulate rules, regulations and procedures, not inconsistent with the GFR for maintenance of accounts and for incurring expenditure out of the Fund.
The act provides that the EMDF will be funded by contributions, donations and endowments, grant in-aid by the government, any income accruing to the fund from its investment and property, receipts for services rendered to the clients by the EPB or its agents, penalties etc imposed on and realised from its clients by the EPB, grants/loans given by international agencies/local agencies, textile quota auction proceeds, realised and directly deposited with the EMDF account by the EPB.
Under the act, the board of administration of the fund will be composed of part from the Commerce Minister, EPB Chairman as its vice-chairman; Secretary Ministry of Commerce not below the ranks of Joint Secretary (member); Secretary, Ministry of Finance or his nominee (member); Secretary, Ministry of Industries or his nominee (member) and EPB Vice-Chairman (member/secretary).