Pakistan to soon unveil new trade policy

Pakistan would soon announce its new trade policy, Minister of State for Commerce Abbas Khan Afridi has said.

The policy, which is in its final stages of formulation, would be announced before Eid-ul-Azha, Mr. Afridi informed the Upper House of the Parliament while answering a query during the Question Hour.

He added that the Government is also negotiating with the EU nations for lifting tariff barriers on 75 items, most of which are textile items.

He said the Government is also holding talks with the US authorities for earning duty-concessions on textile exports to that market.

This is much required as US is a major importer of Pakistani textile and clothing items, but compared to other regional competitors, Pakistan’s textile and clothing items attract higher tariffs in the US.

He informed that the Government also held conversations with the US authorities for setting up reconstruction opportunity zones (RoZs) in Khyber-Pakhtunwala and in Federally Administered Tribal Areas (FATA).

The Minister informed that Pakistani entrepreneurs are free to import and export goods to or from any country, and the only formalities they need to undergo are to obtain a licence and permission from the Chambers of Commerce.

He further stated that the Government provides subsidy to textile producers in the country.

Source: Fibre2fashion