In a significant move to boost Pakistan's export sector, Prime Minister Muhammad Shehbaz Sharif has ordered the immediate abolition of the Export Development Surcharge imposed on domestic exports. The directive came during a high-level review meeting in Islamabad where the Prime Minister assessed recommendations from the Sub-working group established specifically to enhance domestic exports.
Major Reforms for Export Enhancement
The Prime Minister presided over the crucial meeting that focused on revitalizing Pakistan's export sector through comprehensive policy changes. Shehbaz Sharif issued clear instructions to eliminate the Export Development Surcharge, a decision expected to provide immediate relief to exporters and enhance the competitiveness of Pakistani products in international markets.
During the session, the Prime Minister also directed a thorough review of the Trade Development Authority of Pakistan (TDAP) to implement necessary reforms and restructuring. This move aims to transform the authority into a more effective institution capable of supporting exporters and promoting Pakistani products globally.
Strict Oversight of Export Development Fund
In a major transparency initiative, Shehbaz Sharif ordered a third-party audit of the Export Development Fund for the past five years, mandating that the examination must comply with international standards. The Prime Minister emphasized that the fund must be exclusively utilized for legitimate export enhancement purposes.
The Prime Minister clearly stated that the Export Development Fund should be directed toward specific objectives including enhancing domestic exports, supporting research and development activities, providing skill training to the workforce in the export sector, and ensuring world-class facilities for exporters. He warned that any irrelevant or unjustified use of the fund would not be tolerated under any circumstances.
Private Sector Leadership and Global Marketing
Recognizing the importance of professional management, the Prime Minister instructed that a competent chairman from the private sector be appointed to ensure optimal utilization of the fund's available resources. This decision reflects the government's commitment to bringing corporate expertise into public institutions.
Shehbaz Sharif reiterated the government's determination to promote and market Pakistan's export products globally, emphasizing that providing maximum facilitation to industrialists remains one of the top priorities. The Prime Minister's comprehensive approach includes both policy reforms and practical support measures to create an enabling environment for export growth.
The abolition of the Export Development Surcharge, combined with the reforms in TDAP and strict oversight of the Export Development Fund, represents a holistic strategy to strengthen Pakistan's position in international markets and boost foreign exchange earnings through enhanced export performance.
