ISLAMABAD: The announcement of much-awaited Strategic Trade Policy Framework(STPF) 2012-15 has been delayed for indefinite period due to Eid-ul-Fitr holidays, said an official.
According to official the Strategic Trade Policy Framework 2012-15 is yet to be approved from the cabinet that’s why it cannot be announced next week.
Ministry of commerce was expecting the announcement of new trade policy before Eid-ul-fitr, however no date has been fixed so far in this regard.
Trade performance of the country for last three years showed that exports in 2009-2010 increased from US$ 19.29 billion to US$ 23.64 billion in 2011-12, while imports in 2009-2010 increased from US$ 34.71 billion to US$ 44.91 billion in 2011-12.
In the new proposed trade policy process of trade policy formulation, Implementation and post implementation audit and evaluation has been streamlined.
“Ministry of Commerce will align trade policy with development policies of the Government and Pakistan’s Framework for Economic Growth Export performance during the period 2009-12 was better than expected despite global recession, energy shortages and security concerns,” said the draft of new trade policy
The overall objective of the STPF is to achieve export led sustainable high economic growth by engaging Industry, civil society and donors and necessary policy intervention STPF aims to reduce twin problems of uncertainty of policy and regulatory rigidity STPF place special emphasis on increasing the volume of regional trade.
This will ensure the right balance between protection and competition for the industry STPF aims at facilitating the business community in every possible way.
The new proposed trade policy said in this regard, MoC have completed an in-house review of regulatory framework on international trade i-e Import policy order and export policy order with a view to introduce regulatory reforms that reduce cost of doing business. Regulations will amended/reformed in consultations with relevant stakeholders to ease the regulatory burden.