ISLAMABAD: Prime Minister Shehbaz Sharif has directed to increase the export of non-traditional items, adding consultation with the private sector should be ensured while formulating policies regarding trade and business.

While talking to the participants of a meeting, the premier said that the government needs to prepare such a trade policy that should facilitate the business.

He directed to take immediate measures to increase the country’s exports, asking that steps should be taken regarding exports of non-traditional items.

He also directed that consultation with the private sector should be ensured while formulating policies regarding trade and business.

He said that the role of the private sector and industry is very important in the country’s development.

The prime minister directed to immediately clear certified duty drawbacks of the industry. He also emphasised that the implementation of the deletion policy should be ensured for development of the country’s auto sector.

Shehbaz Sharif also instructed to prepare a comprehensive strategy to evaluate the performance of trade and investment officers posted in Pakistani missions abroad. He stated that trade officers who show good performance would be encouraged and those officers who show poor performance would be reprimanded and removed from the posts.

He said that he would himself review the export sector twice every month.

The meeting was given a detailed briefing on recent developments in the trade and export sector and was informed that talks regarding free trade between Pakistan and Gulf countries are in the final stages.

The meeting was informed that the Corridor Trade Agreements with Uzbekistan and Tajikistan have been activated which are yielding positive results.

The meeting was further informed that 450 business-to-business meetings were held in the recent Pak-Saudi Business Conference held in Islamabad.

The meeting was told that the volume of e-commerce is gradually increasing; Pakistan Trade Portal has added more than 3,000 companies each. The monitoring process in Afghan transit trade has been tightened.

The meeting was briefed that the premium growth of public sector insurance companies is in double digits.

The meeting was further informed that work is also being done on gem export framework; Iran and Russia in principle, have expressed their willingness regarding the operationalisation of barter trade and likewise, regarding preferential trade agreements with Azerbaijan and Afghanistan, stakeholders are being consulted.

The meeting was told that necessary consultation is being done regarding the new strategic trade policy and necessary legislation is being made regarding the establishment of a technology and innovation fund for industrial development.

Copyright Business Recorder, 2024