Prime Minister Nawaz Sharif promised to announce the Strategic Trade Policy Framework (STPF) package a few months ago but the government is unable to understand the urgency. The Lasbela Chamber of Commerce and Industry (LCCI) President Maqsood Ismail said that as trade and industrial policy is need of the hour, urged the government to announce new trade policy without further delay.
He appealed the prime minister to give priority to the industrial sector and rescue the economy as the textile exporters are not receiving enough orders from their loyal buyers to stay in the competition.
Due to inordinate delay in the announcement of industrial and trade policy framework and exporters' package, the uncertainty looms large and is creating problems for the country's industry and the export sector.
The LCCI president said that the delays in taking decisions often cost the people and the economy heavily as industry is in real bad shape and particularly the export-oriented industry is struggling for survival.
Comparing the country's exports of $24 billion to Bangladesh's $31 billion and Vietnam's $97 billion, the world would not wait for Pakistan to announce its trade policy.
The top export category for both these economies is textile. The foreign buyers have made it clear to them that they would not wait to announce the STPF. They are working in a highly competitive international environment and any lethargy will cost them their market share.
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