A

COVER STORY

NEW TRADE POLICY

Aug 04 - 10, 2003  
ISSUE # 31  

The Trade Policy 2003-04 outlines the exports strategy of which the main elements are; Reducing cost of doing business, increasing market access, Technology and skills up-gradation, Social, Environmental and Security Compliance, Encouraging export-oriented foreign investment, Region-Specific strategy, Country and business image building, Capacity-building of exporters, Incentives to the exporters and value-addition.
Despite a frustrating year for global economic recovery, Pakistan not only achieved its economic targets but bettered them which indicate that the policy and the decisions are being made in the right direction. There are strong hopes that the current trade policy will pave the way for 
achieving higher results as well as meeting the challenges of the free global trade under WTO regime. Besides good
economic

  decisions and consistency of  economic reforms which played an effective role to bring in the economic stability, the financial sector led by SBP has also lent a strong supporting hand to the

export sector in Pakistan. The SBP has sharply cut down the financial charges on export finances to the level of 3 per cent. The current trade policy also emphasizes on the diversification in the exportable items as well as access to the new markets.

 

 

 

GLOBAL CHALLENGES
The participants in the one day seminar on "Global Economic Challenges and the role of Foreign Office" were of almost unanimous view that the National Foreign Service must assume a major role in economic diplomacy to meet the new age challenges posed by the globalisation process under the WTO regime.
The seminar which was organised by the foreign office, prior to 2 days envoy conference in Islamabad was attended, besides Foreign Minister, Foreign Secretary, senior officials of the Foreign Ministry and Pakistani ambassadors at the UN and world's important capitals, representatives of major trade business houses and prominent businessmen and economic writers.

A

REDUCING ELECTRICITY TARIFF
The GoP seems to be serious in reducing electricity tariff in the country. The PPIB has floated tender for establishment of IPPs in KESC's franchised area as well a coal-based power plant. However, analysts strongly believe that the tariff cannot be reduced without privatization of KESC and corporatize entities of Power Wing of WAPDA.