ISLAMABAD: The National Assembly Standing Committee on Commerce, led by Chairperson Muhammad Jawed Hanif Khan, convened to evaluate key issues including tariff reforms, export promotion, and Pakistan’s trade relations with major partners. The meeting also covered the Export Development Fund’s restructuring and the performance of trade-related entities.
According to the National Assembly of Pakistan, the Committee was informed of the implementation of tariff reforms, which resulted in approximately Rs. 120 billion in benefits to the industry. This move aims to support domestic production and boost competitiveness. The Ministry of Commerce reported that previous tariff reductions have contributed to an increase of US$1.27 billion in exports. The Chairman emphasized that tariff rationalization is a strategic measure to reduce excessive taxation and enhance the competitiveness of Pakistani products internationally.
The restructuring of the Export Development Fund was reviewed, highlighting increased private-sector participation. The Committee appreciated the shift towards initiatives directly linked to export enhancement. A 40 percent allocation of the Export Finance Scheme portfolio for SMEs was also examined, underscoring the importance of equitable access to export financing for smaller businesses.
The performance of the Pakistan Reinsurance Company Limited was discussed, with the Committee informed about its risk management strategy. The need to optimize resources and explore ways to enhance returns was stressed by the Chairman.
A Private Member’s Bill proposing amendments to the Trade Organizations Act was considered, focusing on the distinctive status of the Karachi Chamber of Commerce and Industry. The Committee expressed concern over Pakistan’s trade deficit with China and other FTA partners, calling for a comprehensive assessment of contributing factors.
The proposed GSP Plus scheme, set to commence on January 1, 2027, was also discussed. The Committee directed the Ministry of Commerce to provide a detailed briefing on Pakistan’s preparedness for the scheme. Concerns over the Trading Corporation of Pakistan’s financial position were expressed, with directions given for further assessment of its liabilities.
To enhance parliamentary oversight, the Committee requested detailed reports on several trade-related issues and decided to hold its next meeting in Karachi for on-ground assessments. The meeting concluded with a vote of thanks from the Chair to the attending Members and officials.