Prime Minister Shehbaz Sharif Urges Trade Policy Reforms to Boost Business Sector
Prime Minister Shehbaz Sharif convened a meeting on Friday to address key issues in the trade sector and instructed officials to craft trade policies aimed at facilitating businesses. Emphasizing the need to enhance the competitiveness of Pakistan’s exports, he called for urgent measures to achieve this objective.
During the meeting, Prime Minister Shehbaz stressed the importance of promoting exports of non-traditional goods and underscored the need for immediate payment of certified duty drawbacks to exporters. He highlighted the crucial role of the private sector in policy formulation and instructed officials to engage in consultations with them regularly, particularly regarding the implementation of policies benefiting the auto sector.
Additionally, Prime Minister Shehbaz directed the relevant ministry to develop a comprehensive strategy for evaluating the performance of trade and investment officers posted at Pakistan’s missions abroad. He emphasized the importance of recognizing and rewarding high-performing individuals while addressing issues related to underperformance.
Committing to personally review export sectors fortnightly, Prime Minister Shehbaz was briefed on various trade-related developments. Officials informed him about the progress in negotiations for the free-trade agreement (FTA) with Gulf states and the successful conclusion of transit trade agreements with Uzbekistan and Tajikistan.
Furthermore, the meeting discussed the outcomes of the recent Pak-Saudi Business Conference, highlighting the significant number of business-to-business meetings held and the growing volume of e-commerce facilitated through the Pakistan Trade Portal.
Other topics covered included the stringent monitoring of Afghan transit trade, robust growth in public sector insurance companies, the framework for gems exports, and the approval to operationalize Pakistan-Russia barter trade.
Consultations with stakeholders on preferential trade agreements with Azerbaijan and Afghanistan, as well as the formulation of a new strategic trade policy, were reported ongoing. Additionally, efforts were underway to enact necessary legislation for establishing the Technology and Innovation Fund to promote industrial development.
The meeting was attended by federal ministers Jam Kamal Khan, Muhammad Aurangzeb, Dr. Musadik Malik, Ahad Cheema, Deputy Chairman Planning Commission Jahanzeb Khan, State Bank of Pakistan governor, and other senior officials.
