Pakistan may allow free import of reconditioned vehicles

Pakistani government is likely to allow free import of all types of reconditioned cars, motorcycle, trucks, and tractors in the forthcoming Trade Policy 2011/12, sources revealed. It is expected that Prime Minister Yousuf Raza Gilani will issue a special directive to remove the restrictions of Transfer of Residence (TR), Personal Baggage (PB) and Gift in the Trade Policy, which would be announced anytime soon.On July 21, the Cabinet Division sent a letter to the Ministry of Commerce, seeking clarification on the import of vehicles under various schemes and asked the ministry to move a summary to the Cabinet for final approval. The letter said, “Decision may be implemented in true sprit and by importing the reconditioned cars, motorcycles, trucks, tractors and by removing the restrictions of TR/PB/Gift or a fresh approval by cabinet / PM may be solicited with clear and self-contained proposal containing all the aspects of the import under 15(1) (a) rules of business 1973.” Sources in the Ministry of Commerce said that the decision related to commercial import of the reconditioned cars, motorcycles, trucks, and tractors would be made in the Trade Policy 2011/12.The ministries concerned had already completed their work on the Trade Policy 2011/12 and would soon be presented to the prime minister. Meanwhile, the government has projected a growth of over 28 per cent in export proceeds of six traditional products in the fiscal year 2011-12, an official told on Wednesday. In absolute terms, the export proceeds from these six traditional products were projected at $2.076 billion for fiscal year 2011-12 as against $1.619 billion last year. Constant depreciation of rupee, along with demand for Pakistan’s traditional products in the international market, also triggered prospects of increase in exports in the current fiscal year. Official figures showed that the government had projected an export target of $132.7 million for export of carpet, rugs and mats in fiscal year 2011-12 as against $132.425 million last year, showing an increase of $275 million.However, export of carpets, rugs and mats witnessed a negative growth last year, both in value and quantity. From / Gulf Today