The Commerce Ministry feels depressed for not achieving the export target of $17 billion for fiscal year 2005-06, despite hectic trade diplomacy, even at the level of President Pervez Musharraf and Prime Minister Shaukat Aziz.
Sources told Business Recorder that provisional foreign trade figures for the whole year, compiled by Central Board of Revenue (CBR), were showing exports of $16.2 billion--$800 million behind the target. "What we can say is that exports are $800 million behind the target, which is disappointing," sources said. They said that imports remained far ahead of expectations, but did not give detailed figures.
Commerce Minister Humayun Akhtar was optimistic of achieving the target and in the last Economic Co-ordination Committee (ECC) meeting, he had assured that the target would be met.
Even the President had said that exports would touch $18 billion mark during 2005-06, but it remained a dream. About the new year's exports sources said that the target above $18 billion for 2006-07 was not rational and the concerned officials should take into account all factors before finalising the target.
Sources said that consultations with provinces and other stakeholders about trade policy for 2006-07 were in progress and Commerce Minister, who has already met Balochistan Governor Awais Ghani, and Sindh Governor and Chief Minister, would also hold meetings with the leadership of Punjab and NWFP in this connection.
According to sources, duty is expected to be reduced on raw materials of cottage industry, tanneries, textile, leather and footwear.
They said the proposal was also under consideration to allow import of second-hand construction machinery, airport handling machines, milk processing units and medical equipment. They said that announcement for enhancing trade with India was also expected as part of trade policy and, most probably, the positive list would be enlarged. However, they did not give the details.
They further said that a technology fund would also be established jointly sponsored by the Ministries of Commerce and Industries, and added that if any private sector company was interested in technology transfer, it would not only be encouraged but GoP would also contribute 50 percent share in this regard.
Export refinance scheme and long-term financing would also be made more business-friendly, and Commerce Minister Humayun Akhtar is expected to meet State Bank of Pakistan (SBP) Governor Dr Shamshad Akhtar shortly to finalise the proposals.
Sources said that establishment of Trade Development Authority of Pakistan (TDAP) would also be announced in the trade policy and in this regard a Presidential Order would be issued on July 19, soon after the announcement of the policy.
http://www.brecorder.com/index.php?id=4475...&term=&supDate=