Rethinking trade policy

Pakistan is preparing a new Strategic Trade Policy (STP) for 2026-31 to address structural weaknesses and improve export performance. Previous STPs (2015-20 and 2021-26) failed to meet export targets due to weak governance, lack of diversification, and unresolved industrial bottlenecks. The article emphasizes the need for governance reforms, realistic target-setting, and addressing issues like overvalued currency and high energy costs.