ISLAMABAD - The National Assembly Standing Committee on Commerce has recommended to the Ministry of Commerce (MoC) to include measures in the new trade policy 2012-15 to encourage small and medium enterprises (SMEs) and entrepreneurship among women, youth and business people in less developed areas (LDA) of the country.
The meeting of the committee, held in-camera under the chairmanship of MNA Engineer Khurram Dastgir Khan also directed the ministry that any support or subsidy to any sector should be designed carefully in order to ensure that the subsidy reaches its specific target and not abused. Moreover, the ministry was directed to develop measurement criteria in order to objectively assess the output of the new trade policy on a regular basis.
Discussing in detail the structure of trade policy, the committee expressed the concern that the commerce ministry was unable to measure in any objective manner of the output of 2009-12 trade policy.
Pakistan’s exports have risen during 2009-12, yet the trade deficit has also risen simultaneously, therefore nullifying the overall benefits to Pakistan balance of trade, observed the committee. The committee emphasized that the trade policy should also concern itself with Pakistan’s domestic market, specifically encourage large sectors of manufacturing and trade to enter the formal economy in order to eventually enable these manufacturers and traders to trade internationally.