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CBR asked to submit proposals for Trade Policy by April

SOHAIL SARFRAZ

ISLAMABAD: The Ministry of Commerce has asked Central Board of Revenue to submit proposals by April for the Trade Policy 2000-2001.

The CBR has been asked that each proposal should be duly supported with statistical data for relevant source so that the Ministry of Commerce does not drop any viable proposal or suggestion. The suggestions should be examined in the context of the provisions of the current import and export policy.

Following the directives of Ministry of Commerce, the Revenue Department has initiated work for the next Trade Policy.

Sources informed Business Recorder on Thursday that Ministry of Commerce would primarily focus on improving "Balance of Trade" in the new export-oriented Trade Policy. Beside this, external trade, effect of trade policy on current account and industrial activity would also be considered. The government is likely to consider new concessions, relief and tax exemptions to facilitate exporters and to remove constraints on exports.

All Customs Collectorates have started preparation of feasible proposals and suggestions for the Trade Policy 2000-2001. Collectors of customs are also compiling data to support their proposals and in this connection groundwork, based on the current Trade Policy and data on import & export, has been initiated.

Trade Policy of current fiscal year was announced by suspended Finance and Commerce Minister Ishaq Dar in July last and this year Minister for Commerce and Industries & Production Abdul Razak Dowood will announce the policy for the year 2000-2001.

In the Trade Policy 1999-2000, the export and import targets were set at $9 billion and $9.8 billion respectively.