The Federal Cabinet has approved the revised Strategic Trade Policy Framework (STPF) 2020-25 with a string of policy measures to promote the annual export target to $57 billion by the year 2025.
According to the sources of the Ministry of Commerce, it has been estimated that the measures as announced in this policy will help to get the export target of $31.20 billion in 2021-22, $37.38 billion in the year 2022-23, $45.81 billion in 2023-24 and $57.03 billion by the end of the fiscal year 2024-25 respectively. In STPF, the sector-wise target has also been fixed.
The value-added textile export target for the year 2024-25 is $30.94 billion, the export target of textile for the fiscal year 2024-25 will be $9.05 billion. The target for the export of leather will be $1.384 billion and for rice, it will be 3.098 billion for 2024-25.
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The exports of engineering products have been targeted to be $265 million, the exports of pharmaceutical products $608 million, auto parts $106 million, processed food and beverages $1.536 billion, chemical $391 million, gems and jewelry $61 million, footwear $230 million, meat and poultry $662 million, fruits and vegetables $1.369 billion, seafood $672 million, and marble and granite $41 million for the fiscal year 2024-25 respectively.
Moreover, 18 sectors are being included in the precedence list, which comprises 7 traditional and 11 development zones. A governing system has also been established for the application of the trade rule.
To materialize the goals, fixed by STPF, an implementing body, comprising the members of all stakeholders titled the National Export Development Board (NEDB) has been constituted. Ministry of Commerce will be the secretariat of NEDB and a minimum of bimonthly meetings of the board will be held to ensure the implementation of measures as fixed by STPF.
Meanwhile, Rs 44.72 billion have been assigned for the application of the policy.
