ISLAMABAD: The Senate Standing Committee on Commerce, Tuesday, recommended to the government to transfer the responsibility of collection of export development fund from Ministry of Finance to the Ministry of Commerce.
Per annum allocation for Export Development Fund is Rs6 billion per annual and Ministry of Finance has blocked payment of 30% of the funds to the Ministry of Commerce.
Committee also recommended to the Ministry of Commerce to gear up speed of dialogue for Free Trade Agreement with Iran because it may benefit for Pakistan.
Senate Commerce Committee met here with Chairman Senator Shibli Faraz in the chair to discuss budgetary allocations of the Ministry of Commerce and attached departments as well as ongoing dialogue process with different countries for the finalization of Free Trade Agreements.
In this regard, Commerce Minister Khurram Dastgir Khan told the committee that review of first phase of FTA with China was underway and after the satisfaction, development towards the second phase would be made.
However, last fiscal year, Pakistan exported goods worth $ 1.5 billion to China and China exported trade goods worth $ 12 billion to Pakistan. Similarly, tune of bilateral trade with SAARC countries remained $ 3 billion; $ 2.31 billion imports and $ 2.69 billion exports, posting trade volume in favour of Pakistan. But trade deficit remained in Pakistani side in bilateral trade with India where tune of Pakistani exports was $300 million while Indian exports to Pakistan remained $ 1.78 billion.
The federal minister further added that tune of Pakistani exports to Afghanistan was $ 440 million while imports posted at the tune of $ 410 million. Similarly, Pakistani exports to Bhutan remained zero despite the fact that Pakistani imports were worth $90, 000.
He further apprised the committee that with the improved law and order and security situation, image of Pakistan had improved internationally, therefore, more and more international companies were showing interest in investing in Pakistan.
