Pakistan Has Approved The Five Year Strategic Plan For Trade Development, And The Textile Industry Has Not Been Included.

Pakistan's "forum express" reported on March 13th that Pakistani Prime Minister Imran Khan approved the five year strategic plan for Trade Development on Thursday, focusing on promoting 26 non-traditional industries to increase exports through tax incentives. These non-traditional industries include mechanical engineering, automobile parts, chemical products, pharmaceutical products, food and beverage, jewellery, meat and poultry products, fruits and vegetables, while the traditional textile industry of Pakistan's traditional export industry has not been included, which means that the textile industry may not be able to enjoy the encouragement policy.

The focus of strategic planning is to improve the export tax rebate procedure. At present, the average export tax rebate rate of Pakistan is about 3%. However, many exporters often fail to get the tax rebate, and the strategic plan has reformed the tax rebate procedure. The state bank will replace the Ministry of Commerce and the Federal Tax Commission to deal with all the tax rebates, so as to ensure faster tax rebates.

The strategic plan has set the target of trade export in the next five years, and the target of 2021 - 2025 fiscal year is 26 billion US dollars, 31 billion US dollars, 35 billion US dollars, 40 billion US dollars and 46 billion US dollars, respectively.