Businessmen demand broad import-export policy on war footings to save economy..The Financial Daily 15/12/22

The Union of Small and Medium Enterprises (UNISAME) has urged the prime minister (PM) Shehbaz Sharif to instruct both the federal finance ministers senator Ishaq Dar and federal commerce minister Naveed Qamar to take the business community, the multinationals and the commercial banks into confidence and revise the import and export policy to make import of essential goods possible and simultaneously promote exports under war footings.
President UNISAME Zulfikar Thaver said it is the requirement of time that the ministries of finance and commerce
co-ordinate to revise and frame a friendly and fruitful import-export policy which is based on consensus for best results.
It is reported that the banks , the importers and the foreign suppliers are in turmoil due to non payment of import bills due to lack of foreign exchange.
It is pertinent to note that imports and exports are the warp and weft of the economy and banking sector is the pillar of the economy said the Unisame chief.
The Unisame Council said the co-operation of the business community, the banks and the State Bank of Pakistan (SBP) is very important to keep up and facilitate imports as business is coming to a standstill.
The matter of imports of essential goods namely those not manufactured in Pakistan cannot be hindered under any circumstances and therefore and import policy is required to ensure their imports under deferred payment stretching upto 360 days under sovereign guarantee or bank guarantee and the mark up and guarantee charges to be borne by the importers.
Those importers whom their suppliers are offering deferred credit facilities without guarantee may also be allowed as it would be an arrangement under and agreement between the buyer and seller.
Secondly those importers who are in a position to import with their own foreign exchange may be allowed to do so.
Thirdly those exporters who wish to import raw materials against their own foreign exchange earnings may be allowed to do so.
It is also suggested that those commercial banks who are in a position to arrange for funds from foreign banks may be allowed to do so on special terms and conditions may be allowed to do so but in line with the framework of the proposed import policy.
Those goods which are lying at the customs need to be cleared and facilitated and the new import policy may define the best policy for them and allow release of the documents if the suppliers agree to give their importers in Pakistan deferred payment facilities
The commercial banks may be allowed a broader scope to deal with all types of imports and may be allowed to charge mark up for giving the bridge financing.
Last but not the least the export oriented industries need support and it is suggested that they be given incentive for exporting to non traditional countries and also for exporting non traditional goods to any markets
All this has to be done on war footings to mitigate sufferings.
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