The Advisory Council approved the export policy for 2024-27 on Thursday, setting a target to achieve merchandise exports worth $110 billion by the end of the 2026-27 fiscal year.
According to an official release from the Cabinet Division, the new export policy includes several new products, such as vegetables and handicrafts, designated as thrust products.
Dyeing, printing, finishing, spinning, and fabric manufacturing units have also been categorised as special development sectors with the highest priority.
The government will also provide special assistance to sectors like pharmaceuticals and medical equipment under this policy. The new policy updates the lists of banned export products and those that can be exported under specific conditions.
The government has followed the rules and regulations of the World Trade Organisation (WTO) in making the new export policy, according to the statement.
In the new policy, specific policies are recommended for engaging women and small entrepreneurs in exports.
Besides, the export policy now includes the composition and terms of reference for the National Committee on Exports, the Monitoring and Evaluation Committee and the Technical Committee on Exports.