ISLAMABAD: The Standing Committee on Tuesday unanimously passed the Import and Exports (Control) (Amendment) Bill 2022 that replaces the cabinet with the Minister of Commerce regarding import and export approval.
The Import and Exports (Contro) Act of 1950 is the primary legal instrument which provides the legal basis for the conduct of international trade in Pakistan. Imports and Exports of goods are regulated through Import Policy Order (lPO) and Export Order (EPO), respectively, issued under Section 3(l) of the Act. Keeping in view the ex-agencies of trade and industry, IPO and EPO are framed and amended, from time to time with the approval of the cabinet.
Profit reached out to a source in the Ministry of Commerce who explained that the amendment in the bill allows power of approval and disapproval with the commerce minister rather than with the cabinet regarding cases of exemption, reimports, reexports and relaxation in prohibitions. The bill reads, “Provided that the Minister-in-charge may, by notification in the official Gazette, for reasons to be recorded in writing, on case-to-case basis and in the interest of trade and commerce of Pakistan, allow one-time permission to import, re-import, export or re-export goods in relaxation of the prohibition contained in the order made under this subsection for the time being in force.”
The bill reads that such an amendment will ensure efficiency in addressing the hardships and concerns of the business community by offering a time-saving process.
The committee met on Tuesday afternoon in the Parliament House, Islamabad under the chairmanship of MNA Khursheed Ahmed Junejo to discuss the performance of the Ministry of Commerce and its attached departments. However, the bill will need to be passed by the National Assembly and then Senate to become law.
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pkr rs with an important investify as well known accecpt all take about
Although Bill Regarding import export has been passed but there is still big step remain and respected minister must take more step to boost export form Pakistan for prosperity
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