ISLAMABAD: The Senate is going to discus the reasons behind the widening of trade balance/ deficit in its 123rd session starting from Monday (today).
According to sources, the Senate Secretariat has informed the Commerce Minister’s office to ensure his presence in the House to respond to the observations of the Senators on the said matter.
In this regard, the source added that Ministry of Commerce had been asked to provide entire data and statistics about the current trade deficit along with detailed reply elaborating the reasons behind the lowering exports and increasing imports.
When contacted, Senate Secretariat, told Customs Today that PTI’s Senator and Chairman Senate Standing Committee on Commerce Shibli Faraz had moved a motion seeking discussion on the present position of balance of trade of the country.
As per rules of the Business of the House, the mover of the motion is granted an opportunity to express views on the matter and then the Chairman put the motion before the House and if not opposed by treasury bench, then motion is adopted for discussion.
When contacted, Shibli Faraz told Customs Today that the entire nation is concerned over the widening trade deficit, but government is not worried about on this matter of grave national importance.
He added that Ministry of Commerce had not implemented the previous strategic Trade Policy and was framing the next trade policy, therefore, he from the platform of Commerce Committee had sought explanation from Ministry in this regard.
The current government discarded trade policies adopted by the PPP government but could not bring forth its own policy which has resulted in national loss in the form of reduced exports” he maintained.
He further added that non payment of sales tax refunds to traders and exporters was an important reason for decreasing volume of exports, but unfortunately neither the Finance Ministry nor Federal Board of Revenue seemed serious about resolution of this core issue of exporters.
