Ahmad Kamal, chairman All Pakistan Cloth Exporters Association (APCEA) has hailed the new trade policy as innovative, pragmatic and realistic geared for smooth transition into post quota global trade scenario.
Eulogising, the vision keen insight and dynamic approach of Commerce Minister Humayun Akhtar Khan and hard ground work done by his team of dedicated officials in the ministry of commerce and EPB for successfully achieving the turn around export target of US $12.1 billion, he said here on Friday that new trade policy is based on cost sharing vision whereby the government has become major stake holder in the initiatives it has undertaken.
These supportive measures include elimination of sales tax on ginned cotton, removal of ban on import of cotton waste facilitating relocation of used machinery and setting up of garment cities, he explained.
He also appreciated the vision of Expo Pakistan and dynamic approach towards technological up gradation and export marketing scheme.
Similarly cost sharing of relocation of industries from developed countries and keen insight on pillars of volume and value increase and enabling export environment were hall marks of new trade policy, he said. He welcomed the efforts of the Commerce Minister for reducing the cost of doing business, and provision of adequate infrastructure.
He said that help in establishing common effluent plants and in house effluent treatment plants was most opportune and well timed to prepare the business and industry for new challenges of world trade order. Communication city was yet another land mark in the right direction, he said.
Emphasis on non-traditional items promotion was a step in the right direction and timely exercise for the diversification of exports. Establishment of credit fund of US $10 million for African and Central Asian Republics was reflective of earnestness and dedication of the Ministry of Commerce team for expanding the canvas and marketing of national exports, he said.
The Apcea chairman was all praise for the measures announced in the new Trade Policy for support quality assurance and lab accreditation as well compliance to social and environmental issues. Strengthening of foreign trade institute and continuity of previous years major policy initiative were landmark of new trade policy, he said.
Ahmad Kamal indicated that the reduction in duty drawback rate could adversely affect the exports and mentioned that Commerce Minister was aware of this impact. Thus in trade policy, Commerce Minister has assured that DDB rate shall be reviewed on deemed import basis.
Ahmad Kamal added if DDB rates are positively reviewed and condition of opening of L/C uptill 12 June 2004 is eliminated from SRO-554. There are bright chances that exports shall even cross the target of US $13.7 billion into 2005 global trade scenario.