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$95bn export target will be achieved: Amin Fahim

01 February, 2013

ISLAMABAD: Federal Minister for Commerce Makhdoom Amin Fahim on Thursday said that the export target of $95 billion was well in reach as concrete initiatives have been taken in the Strategic Trade Policy Framework (STPF) 2012-15 to achieve this target.

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ISLAMABAD: Federal Minister for Commerce Makhdoom Amin Fahim on Thursday said that the export target of $95 billion was well in reach as concrete initiatives have been taken in the Strategic Trade Policy Framework (STPF) 2012-15 to achieve this target.

“The exports are already on the rise as about 8.0 percent increase has been witnessed in the country's exports during the first half of the current fiscal year,” he said while addressing a press conference after announcing STPF 2012-15.

The minister was flanked by Commerce Secretary Muneer Qureshi and other senior officials of the Ministry of Commerce.

He also rejected the notion that the policy would be changed once the government changes as the current government is completing its tenure in March 2012.

“All policies are made for the welfare of general public and next government would continue these policies to sustain export growth,” the minister remarked.

The federal minister said that Most Favoured Nation (MFN) status to India is still in progress as the cabinet has already approved it.

Fahim said that the principles of STPF 2012-15 as approved by the cabinet were focused on regional trade, create regulatory efficiencies, promote agro-processed exports, increase exports from less developed regions of Pakistan, promote exports of service sector, enhance access to export financing and credit guarantees, revamp export promotion agencies.

The other focus of the policy, he said included mobilise new investment in export-oriented industries, facilitate exporting industry to overcome energy crisis, enhance product and market development diversification, undertake effective trade diplomacy, increasing green exports, rationalise role of women in exports and reform and develop domestic commerce.

He added that with the help of development interventions enunciated in STPE 2012-15, the government hoped to take Pakistan's cumulative exports from $65 billion to $95 billion.

He added that STPE-2012-15 has some major parts, the first part consists of the interventions aimed at strengthening the existing trade related institutions and seeking to establish the missing institutions.

The second part, he said consists of the export development initiatives to overcome the competitiveness deficit identified in the form of principles given above.

The cabinet, he said also approved Rs 5 billion for these initiatives for 2012-13 and Rs 25 billion for the whole policy cycle.

He informed that for the promotion of trade and to facilitate exports an Export Import Bank with an initial amount of seed money of Rs 1 billion would be establish and next five years this amount would be increased to Rs 5 years during the policy cycle.

He added that domestic commerce would also be given attention and initiatives have been announced to promote domestic commerce with the help of private secretor in order to enhance exports of domestic products.

End.


 
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