ISLAMABAD: Islamabad Chamber of Small Traders has urged upon the government to revise Pakistan export target of $35 billion projected under the Strategic Trade Policy Framework (STPF) 2015-18.
The statement of the chamber has deplored that after missing annual export target by a wide margin, the export sector is showing dismal performance on monthly basis.
Exports in the month of July have remained low as compare to the exports in the same month a year ago and it is unlikely that country can come closer to the ambitious export goal of $35 billion, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.
He said that despite the announcement of STPF, the policy implementation was delayed while the support measures announced boosting exports from July 1, 2016 have net been implemented.
Shahid Butt said that the finance ministry has not issued any funds to the commerce ministry to support the exporters under the framework which is amazing.
Pakistani exporters are struggling due to stuck up refunds and a difficult trading environment as the global trade has contracted while little effort has been made to reverse the trend of falling exports.
The government has tried to support the export sector through improving access to energy, adjustment in electricity tariff, lowering of interest rates and zero rating of leading export sectors, but it has not helped due to structural weaknesses.
He said that country’s textile exports constitute over 55 percent of total exports which has seen a fall of 4 percent in July, therefore it has become imperative to be realistic and revise the export target according to the ground realities.