ISLAMABAD: The federal cabinet, on Tuesday, approved the Strategic Trade Policy Framework (STPF) 2020-25, aimed at enhancing the ability of Pakistani enterprises’ capacity to produce, distribute, and sell products and services as or more efficiently than their competitors.

According to the Commerce Ministry, the priority sectors have been identified under the STPF after studying the international demand trends on one hand and on the other, the capacity and capabilities of different export sectors of Pakistan.

The main focus of the STPF will be as follows; (i) geographical and product diversification; (ii) manufacturing cost reduction through tariff rationalisation; (iii) pursuit of regional connectivity and “Look Africa” policy; (iv) enhancement of market access through the FTA/PTA and; (v) facilitation of logistics and tracking under TIR and enhancement of regional connectivity for access to the Central Asian Republics (CARS), Turkey and Iran, to Europe and Russia.

ECC to consider Strategic Trade Policy Framework 2020-25 today

The following traditional sectors were the main focus of the STPF; (i) textile and apparel; (ii) leather; (iii) surgical instruments; (iv) sports goods; (v) carpets; (vi) rice and; (vii) cutlery.

Engineering goods (including auto parts), pharmaceutical, marble and minerals, processed food and beverages, footwear, gems and jewelry, chemicals, meat and poultry, fruits and vegetables, and seafood have also been given special attention in the new policy.

In services sector special focus is on IT, transport, logistics and tourism.

In order to oversee the implementation of the STPF 2020-25, a cross-functional National Export Development Board (NEDB) has already been constituted under the chairmanship of the prime minister, comprising senior public sector officials of relevant organisations and private sector representatives.

Regular meetings of the NEDB are being held in order to ensure the implementation of various policy measures.

Copyright Business Recorder, 2021