Prime Minister Shehbaz Sharif on Monday ordered to end the Export Development Surcharge to support exporters and boost Pakistan’s weak export performance.
The decision followed a briefing from a sub-working group formed in October to identify measures for boosting exports. The group presented sector-specific research and recommendations, which the prime minister approved for immediate implementation.
Pakistan’s exports have remained stagnant, rising only to $13.7 billion in the first four months of the current fiscal year from $13 billion a year earlier. The World Bank has warned that Pakistan faces an untapped export potential of nearly $60 billion.
PM Shehbaz also ordered a five-year third-party audit of the Export Development Fund and directed that a private-sector chairman be appointed to ensure proper use of funds. He emphasised that EDF resources must be dedicated exclusively to export enhancement, research and development, and workforce training.
The prime minister further directed an institutional review and restructuring of the Trade Development Authority of Pakistan to strengthen export promotion and global marketing of Pakistani products.
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I understand that the current rate of the surcharge was 0.25% of the export proceeds.