Friday, 22nd July 2005 (4461 views)

Pakistan has announced new trade policy designed to provide maximum possible export opportunities for businesses by reducing the cost of trading.

Announcing the policy to reporters, minister for commerce Humayun Akhtar Khan predicted that the new policies would help the country meet an export target of $17 billion for 2005-06, 18 per cent more than the $14.4 billion for the last financial year.

The minister announced a special package to encourage export of gem and jewellery. It had been decided, he said, to classify gem and jewellery as an industry so that it has an easy access to credit and better utility rates and taxes, Kashar News reports.

The period required to export jewellery made from imported gold has been extended from ninety to 180, while proceeds from export of jewellery can now be remitted within 240 days as against 120 days previously, Mr Humayun Khan said.

He also revealed that a Valuation Committee for clearance of gems and jewellery before export has been abolished and a scheme is being developed whereby exporters will import gold by utilising financing from private banks.

The new trade policy contains a rapid export growth strategy based on improved market access, support for neglected regions, strengthening of trade promotion infrastructure, large scale training and provision of improved physical infrastructure.

 

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