Cabinet approves new export policy

The cabinet today approved the export policy for 2024-27 with a target of exporting merchandise worth $110 billion by the end of 2026-27 fiscal year.

Some new products like vegetable and handicrafts have been included in the new export policy as thrust products.

Dyeing, printing, finishing, spinning and fabrics manufacturing units have been included as the special development and highest thrust sectors in the new policy, according to a statement from the press wing of the chief adviser.

The government will provide special assistance to the sectors like pharmaceuticals and medical equipment as per the policy.

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Achieving $110b export target by FY27 is difficult

In the new policy, the government has also updated the list of banned export products and the list of products which can be exported under condition.

The government has followed the rules and regulations of the World Trade Organisation (WTO) in making the new export policy, according to the statement.

The government has also provided some alternative measures for giving incentives on export receipts based on the WTO rules as the country will not be able to pay direct cash incentive to the exporters after graduating from the least developed country category in 2026.

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Export target set at $57.5b for FY25