Prior to submitting the proposals for the approval of the federal cabinet, the Commerce Ministry will give a presentation to Prime Minister Syed Yousuf Raza Gilani. The new proposals have been submitted by various stake holders.
In FY2009-10, Pakistan earned $19.382 billion against $17.68 billion in FY 2008-09, an increase of 9.58 percent despite worldwide economic recession.
Business Recorder reported a number of measures have been proposed in the new Trade Policy to encourage exporters, who had been deprived of incentives in 2009-2010.
However, Commerce Ministry accused Finance Ministry of not providing the earmarked funds to draw the Strategic Trade Policy Framework (STPF) which is critical for implementing the policy.
Former Finance Minister, Shaukat Tarin, agreed to release Rs.2.5 billion to the Commerce Ministry for implementing the STPF. The STPF, if implemented would help
This year, the government is planning to tighten control on importing hazardous materials such as exhausted car batteries, recycled materials, electric scrap, colors used in plastic toys and other materials. Prior to import, the importers will have to ensure the customs that the materials imported will be used by industrial consumers only and they would have to procure a certificate from the Environmental Protection Agency saying that the importers have adequate facility to handle hazardous materials.