Prime Minister Shehbaz Sharif has directed to immediately abolish the export development surcharge imposed on domestic exports, reported 24NewsHD TV channel.
The prime minister issued these directives while presiding over a review meeting on the recommendations of the sub-working group established to increase domestic exports in Islamabad on Monday.
PM Shehbaz also directed to carry out a review of Trade Development Authority of Pakistan for reforms and revamping of the authority.
A third-party audit of the Export Development Fund for the past five years should be conducted in accordance with international standards, the PM said.
Special directive of the Prime Minister for the optimal utilization of the current funds in the Export Development Fund, a suitable chairman should be selected from the private sector.
Shehbaz Sharif directed the relevant authorities to take immediate reform measures in the Export Development Fund (EDF) to help boost the country’s exports.He ordered a third-party audit of the EDF in line with international standards and directed the immediate abolition of the Export Development Surcharge on exports.
He said a suitable chairman should be appointed to ensure the best possible utilization of the fund. “The EDF must only be used for enhancing the country’s exports, relevant research and development, skill development of the export sector workforce, training, and the provision of modern facilities of international standards,” the prime minister emphasized.
He also directed that all schemes and programmes being run under the EDF undergo third-party audits.
The prime minister stressed the need to utilize the positive role of the Trade Development Authority of Pakistan (TDAP) to promote exports, adding that irrelevant or illogical use of the fund would not be tolerated.
He said the federal government was responsible for promoting and showcasing Pakistani products across global markets, adding that providing maximum facilitation to exporters was among the government’s top priorities.
Following detailed deliberations on the export sector, the sub-working group tasked with enhancing exports presented its recommendations. The prime minister appreciated the group’s work and instructed relevant departments to take immediate steps while considering the recommendations positively.
The meeting was attended by Minister for Planning and Development Ahsan Iqbal, Minister for Finance Muhammad Aurangzeb, Minister for Commerce Jam Kamal, Minister for Climate Change Dr Musadik Malik, Minister for Petroleum Ali Pervaiz Malik, Minister of State for Finance Bilal Azhar Kayani, the SIFC chairman and other senior officials.
Reporter Awais Kiyani