| GEO Business|
| Trade Policy to be announced Monday|
| Updated at: 2321 PST, Sunday, July 26, 2009|
ISLAMABAD: The new trade policy, envisaging development of both domestic commerce and foreign trade, relief to the industry and competitiveness improvement, would be announced on July 27 (Monday).
“After finalization of the draft trade policy was presented to the Prime Minister for his approval and the Prime Minister has accorded approval to the policy and would be placed before the Cabinet on July 27 for announcement” Secretary Commerce Suleman Ghani told APP.
The Secretary Commerce said that the Prime Minister Syed Yusuf Raza Gilani has also given his inputs for the policy which would also be updated and accommodated in the policy.
The trade policy, he said is ready for announcement and it would be unveiled on the evening of July 27 by the Minister for Commerce Makhdoom Amin Fahim on Radio and Television.
He said that the government has developed three-year strategic framework to help develop external as well as internal trade.
Suleman Ghani said that the trade policy would focus on enhancing the competitiveness of local industry through value addition and sophistication with an aim to propel exports.
He said that the major sectors like textile, food and leather will be provided incentives to help them enhance their competitiveness for enhancing exports.
Salman Ghani said that special measures would be taken to resolve the supply side constraints and problems of these sectors.
It may be recalled that Pakistan’s Trade deficit during the financial year 2008‑09 has marginally narrowed by $3.873 billion and
closed at $17.040 billion as compared to the deficit of $20.913 billion recorded during last fiscal year.
The trade deficit during the year 2008-09 has shown negative growth of 18.52 percent as compared to the deficit of last financial year, according to Federal Bureau of Statistics.
The imports into the country during the period witnessed 12.87 percent negative growth by declining from $39.965 billion during 2007-08 to $34.822 during 2008‑09.
Exports from the country during the time were recorded at $17.781 as compared to the export of $19.052 during last financial year, showing a decrease of 6.67 percent.
Observers believe that due to the energy crisis the industrial sector, particular the textile industry was mostly affected, resulting in low production and thereby low exports.