KARACHI: Under the Trade Policy Framework, Rs6 billion has been allocated for integration of Pakistan with global economy by adopting standards, trade mark, certification and value-addition of export goods, Commerce Minister Khurram Dastagir Khan said on Thursday.
He was addressing a gathering of business community at the Korangi Association of Trade and Industry (KATI).
The minister stressed upon the need for integration with the global economy. He informed that Prime Minister Nawaz Sharif would return to the country on Friday (today) and soon a new trade policy and incentive package would be announced.
The incentive package will be operated through State Bank of Pakistan and only after verification, the payments will be made, he added.
Dastagir said that a large number of development and infrastructure projects, including Karachi-Hyderabad Motorway, were under progress and hoped that Lahore-Karachi Motorway would be completed by June 2018.
Similarly, he said many energy projects were in progress under the China-Pakistan Economic Corridor. The Karachi-Lahore gas pipeline would be laid down to meet growing gas demand in the north, he added.
The minister hoped that energy crisis would be overcome by 2017 and improvement in law and order would speed up the pace of development.
Removing apprehensions regarding the GSP+ status to Pakistan, the minister said the facility was for 10 years and will be reviewed in January 2016.
The minister recalled that during his recent visit to China he had asked his counterpart for renegotiation of the Free Trade Agreement (FTA) so that it fullfils the interests of both the countries.
He added that round one of talks with Thailand for FTA had been completed and negotiations were in progress with Turkey and South Korea.
On the occasion, KATI President Zahid Saeed suggested that there should be a separate ‘Vision 2025’ for Karachi.
TDAP CEO S.M. Muneer, Senator Abdul Haseeb Khan and business leaders including Rashid Siddiqui, Javed Ghori, Iftikhar Malik and Zubair Tufail, S.M. Naseer were also present at the event.