Federal Minister for Commerce and Trade, Jam Kamal Khan, has announced that the government is preparing to unveil the Trade Policy 2025, with plans to present it to the parliamentary standing committees in the near future. The policy is part of a broader initiative aimed at facilitating trade, expanding exports, and introducing structural reforms to stabilize the economy.
During a question-and-answer session in the Senate, Senator Zeeshan Khanzada raised concerns about the government’s strategies for trade and industry. In response, Kamal outlined the government’s commitment to overcoming the challenges faced by the business sector. He emphasized that the Trade Policy 2025 is designed to enhance regional connectivity and diversify export markets, which are critical for achieving sustainable economic growth.
Kamal further highlighted the importance of institutional and structural reforms as key pillars of the new trade policy. He stated that these reforms would not only streamline existing processes but also open up new opportunities for Pakistani exporters. The policy will address challenges in key sectors like textiles, while also looking to strengthen partnerships with neighboring countries to boost regional trade.
In his remarks, Kamal pointed out that Prime Minister Anwaar-ul-Haq Kakar has held several high-level meetings with various ministries and stakeholders to ensure the policy reflects the current needs of the industry. These consultations have been focused on identifying bottlenecks and creating a comprehensive strategy to overcome them. Kamal emphasized that the policy will be framed with input from all relevant sectors, ensuring that it provides actionable solutions to the issues faced by Pakistan’s businesses.
The minister also acknowledged the challenges faced by the country’s textile sector, which remains a significant contributor to the economy. According to Kamal, the textile industry is under pressure, and the government is actively exploring multiple avenues to revitalize the sector. He emphasized that the sector plays a central role in Pakistan’s exports, which makes it a priority area for government reforms. To this end, the government is working closely with industry stakeholders to design strategies aimed at increasing productivity and competitiveness in the global market.
During the session, Kamal also informed the Senate that the government had appointed a competent head for the National Compliance Center on September 1, which is expected to play a crucial role in improving regulatory oversight and compliance within key industries.
Kamal shared that despite challenges, the textiles and apparel sector recorded a 0.93% growth in exports during the financial year 2023-24 compared to the previous year. This growth, though modest, is seen as a positive sign amidst global economic uncertainty. The government is optimistic that further reforms and support for the industry will help maintain this upward trajectory.
Additionally, the government is focused on revamping the Export Facilitation Scheme (EFS) introduced by the Federal Board of Revenue (FBR). The redesigned scheme will include provisions for end-to-end coverage across all stages of manufacturing. Kamal explained that these changes aim to exempt registered units from paying sales tax on utility bills and remove procedural barriers that have historically hindered imports intended for re-export.
The revised EFS is expected to ease the operational challenges faced by exporters, providing them with a more streamlined process and reducing the financial burdens associated with manufacturing for export purposes. This initiative aligns with the government’s goal of boosting exports and improving the ease of doing business for Pakistan’s industries.
The Senate Chairman referred the matter of the Trade Policy 2025 to the relevant parliamentary committees, where it will be discussed and refined before its official launch. The government remains committed to working with all stakeholders to ensure that the policy serves as a comprehensive roadmap for sustainable economic growth and global competitiveness.
With the Trade Policy 2025 on the horizon, the government is taking significant steps to position Pakistan as a more competitive player in the global market. The emphasis on exports, institutional reforms, and regional connectivity reflects the broader vision of creating a more resilient and diversified economy.