Islamabad: (RightNow). The government has decided to extend the current auto policy by one year. Negotiations with the IMF and Tariff Policy Board were unsuccessful, delaying the new policy.

According to the Ministry of Industry and Production, further consultations will continue to finalize the new auto policy. Auto manufacturers faced challenges in exports and bringing local vehicles to global standards.

The Prime Minister has directed to make the auto policy investor-friendly. The new policy is expected to create job opportunities and boost industrial activities. It also proposes mandatory global safety standards for local vehicles.

Under the new policy, companies failing to meet global safety requirements will face penalties. Special measures will be included to promote electric vehicles. Compliance with 62 global safety standards will be mandatory.

It is noteworthy that consultations on the new auto policy are ongoing with FBR, Ministry of Commerce, Ministry of Law, and Ministry of Science and Technology. The policy aims to promote modern technology, exports, and investment.