Trade policy envisages Rs 60b for Export Development Initiative


As much as Rs 60 billion have been proposed in the upcoming three-year Strategic Trade Policy Framework (STPF 2012 2015) for the Export Development Initiative.
“The fund has been proposed keeping in view the financial constraints of the government,” a top official told APP adding that the aim is to facilitate the exporters for boosting their exports and make them competitive with regional competitors like India and Bangladesh. The official said that this fund was lowest as compared to the other regional countries.
He was of the view that if the government did not provide this fund, it would be unjust for the export industry adding that at a time when the trade deficit had already reached to $21 billion, this support is needed to help exports grow. Commenting on the previous trade policy, the official maintained that the trade policy 2009-12 could not be properly implemented due to paucity of funds.
He said that the Textile Ministry had demanded the government funds of Rs 188 billion for the implementation of the trade policy (2009 12) for five years, but the ministry provided just Rs 23 billion for three years.
Similarly, the Ministry of Commerce had demanded Rs 27 billion for the proper implementation but it was provided Rs.3 billion.
“The scarcity of funds was the main reason that the previous three year trade policy could not be implemented,” they added
However, the new trade policy is focused on addressing the new challenges and has been developed while keeping in view the financial limitations of the government.