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Event Title: Senator Zeeshan KhanZada Presides over a meeting of the Senate Standing Committee on Commerce

Event Date: 2022-12-14

Chairman Committee Senator Zeeshan Khanzada on Wednesday remarked that the Policies of the State Bank with regards to import and dollar restriction have caused the trade Industry to paralyze. The committee lamented that the export figure is coming down to zero, remittances has come to a halt and the industry is under a constant threat. The chairman committee reiterated that the State Bank should review its policies in order to reinstate the trade industry. The committee maintained that a greater onus is on the Ministry of Commerce to take concreate steps to save the trade industry from falling apart. The Ministry of Commerce assured the committee that they have scheduled meetings with the state bank of Pakistan on relaxation of imports restrictions and dollar limits. Deputy Chairman Mirza Muhammad Afridi also inquired on the restriction of different brands on sale only up to 30,000 dollars monthly. The committee inquired whether who is responsible for the damages due to non –clearance of the LC’s and urged to address the problems of the traders.   The committee also inquired on the suspension of closure of import of cars. While taking up the matter of issues of gold imports, the committee was informed by the Ministry that State Bank has disallowed the import on Gold; however it can only be imported through schemes offered by the State Bank in the shape of remittances, on inquiring on the resolution for suspension of import on gold the ministry said that the gold association requires the entire channel should be documented and declared to aptly deal with the taxation policies.

The Chairman Committee inquired on the power energy concession regimes for industries which have export potential. It was also suggested that export policies should be neutral. The power sector should give 100 pc concessionary benefits according to the figure of export. The ministry inquired that minute analytic work is being done in order to provide concessionary regime for export. The committee has also directed to hold meetings with the state bank on policy reforms

The meeting was attended by Deputy Chairman Mirza Muhammad Afridi, Senator Mohammad Abdul Qadir, Senator Palwasha Muhammad Zai Khan, and Senator Fida Muhammad. Senior officials from the Ministry of Commerce and other attached departments were also in attendance.