The National Assembly Standing Committee on Commerce, led by Chairman Muhammad Jawed Hanif Khan, examined key investment opportunities in copper, rare-earth minerals, and the Reko Diq project during its latest meeting.Â
The committee noted increasing interest from Saudi Arabia and China through the Special Investment Facilitation Council (SIFC) and directed that a feasibility report on local smelting and value-addition projects be presented at the next meeting.
The committee also highlighted the need for a detailed briefing on efforts to address non-tariff barriers, particularly in relation to the United States.Â
The issue of reconciling outstanding liabilities for the Trading Corporation of Pakistan (TCP) was discussed, and the committee instructed the Finance Division to convene a meeting of all stakeholders to finalize the settlement of dues, including markup.
Addressing ongoing challenges with the Import Policy Order (IPO) 2022, the committee focused on issues raised by the All Pakistan Timber Traders Association (APTTA). An inter-ministerial committee was formed to review phytosanitary conditions and recommend policy adjustments within a week, with an emphasis on treatment-based certification and facilitating the provisional release of timber consignments to prevent demurrage losses.
On the issue of export compliance, the committee was informed of a significant reduction in EU rice interceptions, while seafood exports increased to $466 million in FY 2024-25. The Ministry of Commerce also highlighted its Agro-Products Export Enhancement Roadmap, the formation of Sectoral Councils, and steps to improve exports of pharmaceuticals, leather, and marble.
The committee raised concerns over the retrospective salary increase of the former CEO of Pakistan Reinsurance Company Limited (PRCL) and requested a full justification for the increase, including performance-based reasoning. It was decided that no retrospective payments would be made until the SECP’s fact-finding report is completed.
The committee also discussed Pakistan’s trade relations with Iran, noting the growth of bilateral trade despite ongoing sanctions. The Chairman emphasized the need for better reporting, improved border facilitation, and reciprocal arrangements to enhance border markets and implement the barter trade framework.
The committee reaffirmed its commitment to transparent, evidence-based trade policies, accountability, and aligning Pakistan’s commercial practices with international standards.
The meeting was attended by MNAs Dr. Mirza Ikhtiar Baig, Ms. Tahira Aurangzeb, Ms. Kiran Haider, and Ms. Shaista Pervaiz, with Farhan Chishti and Asad Alam Niazi attending virtually. Senior officers from the Ministry of Commerce, Trade Organization, TCP, and other relevant authorities were also present.
