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ISLAMABAD, Oct 20 (APP):The National Assembly Standing Committee on Commerce met here Monday under the chairmanship of Muhammad Jawed Hanif Khan and reviewed progress on various agenda items concerning trade policy, export diversification, regulatory reforms, and industrial competitiveness.
The committee adopted the report presented by the Ministry of Commerce and emphasized the need to identify individuals responsible for past decisions permitting sugar exports against national interest, said a press release.
The Chairman underscored that repeated errors warranted a detailed inquiry into those who facilitated such actions and stressed that accountability must be ensured.
A Sub-Committee, comprising Dr Mirza Ikhtiar Baig, Ms. Tahira Aurangzeb, Farhan Chishti and Gul Asghar Khan was constituted to examine the matter in depth. The Chairman further directed that the Competition Commission of Pakistan (CCP) be called to explain its failure to curb cartelization in the sugar sector.
The Sub-Committee recommended deregulation of the sugar sector to prevent manipulation and speculative practices, along with the reconstitution of the Sugar Advisory Board excluding private sector representation to ensure transparency.
During deliberations on data integrity, the committee discussed the $11 billion statistical discrepancy in import figures among the Pakistan Bureau of Statistics (PBS), Pakistan Revenue Automation Limited (PRAL), and the Pakistan Single Window (PSW).
The Ministry of Commerce clarified that the difference was procedural, arising from varying compilation methods rather than any financial irregularity. The Chairman directed that a reconciled position be prepared in coordination with the International Monetary Fund (IMF) and relevant institutions to ensure consistency in official trade data.
Addressing concerns regarding the Import Policy Order (IPO) 2022, the Committee discussed ongoing challenges faced by the All Pakistan Timber Traders Association (APTTA). The Chairman directed the formation of an inter-ministerial committee—comprising representatives from the Ministry of Commerce, Ministry of National Food Security and Research, Department of Plant Protection (DPP), relevant associations, and neutral technical experts—to review phytosanitary conditions and recommend policy adjustments within one week.
He emphasized the adoption of internationally aligned practices such as treatment-based certification and proposed that provisional release of timber consignments be facilitated to reduce demurrage losses.
The committee also reviewed the progress of the Trading Corporation of Pakistan (TCP) in reconciling its outstanding liabilities. The Chairman directed the Finance Division to convene an urgent meeting of all stakeholders to finalize settlement of dues, including markup, and submit a detailed report to the Committee.
Reviewing progress on SPS compliance, rice exports, and commercial attaches, the committee was informed that EU rice interceptions had declined significantly, and seafood exports rose to $466 million in FY 2024–25. The Ministry highlighted its Agro-Products Export Enhancement Roadmap, formation of Sectoral Councils, and measures to boost exports of pharmaceuticals, leather, and marble.
The committee directed that a detailed briefing be presented in the next meeting on efforts to address non-tariff barriers, particularly by the United States.
The Committee further examined investment opportunities in copper, rare-earth minerals, and the Reko Diq project, noting growing Saudi and Chinese interest through the Special Investment Facilitation Council (SIFC). It was directed that a feasibility report on local smelting and value-addition projects be submitted in the next meeting.
Regarding the Pakistan Reinsurance Company Limited (PRCL), the Committee sought a full justification for the retrospective salary increase of the former CEO from Rs. 500,000 to Rs. 2.4 million per month, including multiple benefits.
It was directed that no retrospective payments be implemented until completion of the SECP fact-finding report and submission of performance-based justification. The committee also discussed trade with Iran, noting that despite sanctions, bilateral trade volumes have grown substantially.
The Chairman emphasized the need for accurate reporting, improved border facilitation, and reciprocal arrangements to operationalize border markets and implement the barter trade framework.
The Chairman reiterated the Committee’s commitment to promoting transparent, evidence-based, and business-friendly trade policies, ensuring accountability in decision-making, and aligning Pakistan’s commercial practices with international standards.
The meeting was attended by MNAs, Dr Mirza Ikhtiar Baig, Ms. Tahira Aurangzeb, Ms. Kiran Haider and Ms. Shaista Pervaiz in person, whereas, Farhan Chishti, Asad Alam Niazi, attended the meeting virtually. Senior officers from the Ministry of Commerce, Trade Organization, Trading Corporation of Pakistan, Trade Development Authority of Pakistan, Department of Plant Protection and representatives from All Pakistan Timber Traders Association were also present in the meeting.