Undoubtedly, economic growth is the topmost priority of the current government. And the cabinet of Prime Minister Imran Khan is trying so hard to take it at the top. But, factually it doesn’t happen overnight. However, check and balance is crucial to achieving desired goals and PM Khan always examines the performance at every stage.
Apparently, Mr. Khan is not happy with the uninspired export growth, during the first half of the fiscal year. That’s why he assigned multiple tasks to the commerce division in Monday’s meeting.
While chairing a meeting with commerce division, PM directed officials to set targets for the growth of exports in the next six months. Furthermore, he fixed the roles of several departments to assess their performance. As progress on exports is the main priority of the government, he said we did not just set the targets but also reviewed the performance on a quarterly basis.
Increase In Export Is The Main Priority
However, the premiere analyzed the performance of exports and also the incentives offered to the sector. Furthermore, the commerce division official’s including PM’s Adviser Razak Dawood and Commerce Secretary Ahmad Nawaz Sukhera briefed about the cash subsidy scheme extension. The Secretary explained that the scheme has already been extended until June 2021. And because of the increase in power and gas tariffs, the export sector got insulted and shielded through export refinance and long-term finance facility from rising in the policy rate.
As a result of these incentives and a massive fall in the value of the currency, the export in the first six months of the current fiscal year improved by a meager 3.21 percent. However, the Prime Minister cleared that he only wants to see a big jump in exports to justify the above incentives.
Changing Of thoughts Between Commerce Division Officials
In a long-duration meeting, the PM examined all the previous developments of the export sector. Including policy reforms, departmental reforms, legal reforms, tariff reforms, changes in trade policy, increase in exports and also their efforts to reduce imports. Furthermore, he also checked the targets for future progress.
In addition, the PM was informed by officials that e-commerce and national trade policies have been approved. Also, Trade Policy Framework 2020-2025 and import/export orders are almost in the final rounds. Meanwhile, the Textile Policy 2020-25 is also in the final stages.
While talking about the tariff reforms, the secretary briefed that, custom duty on about 635 goods material was removed. However, some significant efforts were made to ensure participation in over 150 trade fairs and exhibitions.
Amid all, the PM clarified to the commerce authority to take suitable steps in order to enhance the country’s exports. Also maintain good trade relationships with China, Russia, Africa, Indonesia, and other prominent countries as well.