Strategic Trade Policy Framework 2020-2025 gets approval by federal cabinet, to enhance the production capacity of Pakistani enterprises.
The federal cabinet on Tuesday approved the Strategic Trade Policy Framework (STPF) 2020-2025 aimed at enhancing the production capacity of Pakistani enterprises and their ability to distribute and sell products and services more efficiently than their foreign competitors.
The federal cabinet on Tuesday approved the Strategic Trade Policy Framework (STPF) 2020-2025 aimed at enhancing the production capacity of Pakistani enterprises and their ability to distribute and sell products and services more efficiently than their foreign competitors.
Priority sectors under the framework were identified after studying the international demand trends while developmental fields were decided after taking into account the capacity and capabilities of various traditional and developmental export sectors of Pakistan.
The priority sectors include textile and apparel, leather, surgical instruments, sports goods, carpets, rice and cutlery.
The developmental export sectors comprise engineering goods (including auto parts), pharmaceuticals, marble and minerals, processed food and beverages, footwear, gems and jewellery, meat and poultry and chemicals.
The STPF will primarily focus on geographical and product diversification, manufacturing cost reduction through tariff rationalisation, pursuit of regional connectivity including Look Africa and Silk Route Reconnect policies.
In addition, it will also target to enhance of market access of Pakistan through Free Trade Agreements and Preferential Trade Agreements. It also includes the facilitation of logistics and tracking under the International Road Transports (TIR) Convention and enhancement of regional connectivity to gain access to Central Asian Republics, Turkey and Iran. Through these countries, the STPF envisages to expand Pakistan’s market access to Europe and Russia.
The STPF is dynamic and it will be subject to course correction based on constant monitoring and evaluation. There shall be an institutionalised mechanism for robust monitoring and implementation of the STPF to minimise policy implementation gaps, which have traditionally remained a weak link due to multi-organisational roles in the export ecosystem.
To oversee the implementation, 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 to ensure the implementation of various policy measures.
