ISLAMABAD, Sep 15 (APP): National Assembly Standing Committee on Commerce was briefed on the performance of commercial councilors and trade officers posted in embassies abroad on Tuesday.
The Advisor on Commerce and Investment Abdul Razak Dawood informed that World Trade Organization (WTO) expects a significant down turn in global trade in 2020 between 13 and 32 percent.
The meeting of the committee was held in the Parliament House, under the chairmanship of Syed Naveed Qamar.
The World Bank will revisit trade forecast as the year progresses and re-estimates how impacts seen to be presenting across the countries and regions, he said.
He said the negative impact of global lockdown will persist longer and could go beyond 2020, the growth rate of exports of Pakistan is likely to contract by 5.3% during the year 2020-21.
He added that in a less optimistic scenario, measures stay in place for not in 2021, leading to a U-shaped recovery.
He said the commerce ministry is in contact with top exporters and chambers in formulation a strategy to deal post COVID-19 related challenges.
The commerce secretary Muhamamd Sualeh Ahmad Faruqui informed the committee that the criteria of an evaluation of ‘Trade and Investment Officer’ have been revised.
He said the assessment would be done on the basis of market intelligence reports, increase in exports, business networking and institutional networking with key stakeholders of the host government.
The advisor and secretary replied to number of question and queries of the chair and members.
The committee deferred ‘The Safeguard Measures (Amendment) Bill, 2019’ and other agenda items referred to the committee on the absence of the movers.
The meeting was attended by the advisor Abdul Razak Dawood, MNAs Muhammad Yaqoob Shaikh, Muhammad Aslam Bhootani, Mian Muhammad Shafiq, Khurram Shehzad , Sajida Begum , Tahira Aurangzeb, Shaista Pervaiz, Shaza Fatima Khawaja, and Rana Iradat Sharif Khan and Ministry of Commerce secretary along with senior officers.