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Business Recorder
3 days ago
- Business
- Business Recorder
Industrial raw materials: Proposals for duty cuts to be submitted to PM
ISLAMABAD: Prime Minister's Special Assistant on Industries and Production, Haroon Akhtar Khan will submit proposals for reducing duties on industrial raw materials for the FY 2025–26 budget to Prime Minister Shehbaz Sharif on Monday. The Prime Minister had earlier constituted a Committee on Industry, headed by Haroon Akhtar, to formulate proposals regarding duties and taxes across various sectors. The committee convened on May 24, 2025, to deliberate on different recommendations for tariff and duty reductions. These proposals will be formally submitted to the Prime Minister on June 2, 2025, revealed Faiz Ahmad Chadhar, Chief Executive of the Trade Development Authority of Pakistan (TDAP), during a session of the National Assembly Standing Committee on Commerce. The meeting of the Standing Committee, chaired by Jawed Hanif Khan, addressed several issues related to the Ministry of Commerce. Secretary Commerce, Jawad Paul, led the ministry's delegation. National Tariff Policy: govt approves phased elimination of import duties Dispelling concerns about external influence, Secretary Commerce stated there was no pressure from the International Monetary Fund (IMF) for tariff rationalization. 'Things have progressed significantly since March 2025, and tariffs are being rationalized under the FY 2025–26 budget.' The Commerce Ministry has also been instructed to present a detailed briefing on the National Tariff Policy, and the measures taken to achieve the Prime Minister's $60 billion export target. The Committee discussed reasons for the ban on export and import of gold and gemstones which has irritated those in the business. It was apprised that on May 7, 2025 a ban was imposed abruptly on export of gold including consignments in transit. 'Stakeholders informed the committee that the sudden ban had caused severe disruptions, particularly to consignments already in transit, 'said one of the gold businessmen from Karachi. Secretary Commerce Jawad Paul stated that a committee has been constituted to review the abrupt 60-day ban on the export and import of gold and gemstones. He explained that the ban was implemented on the recommendation of the State Bank of Pakistan (SBP). The committee chaired by the Secretary has already held several meetings to examine the issue thoroughly. It is expected to recommend that the government allow the entry of consignments that were already in transit when the notification was issued. He further suggested that the matter be discussed in more depth at the next meeting, with representatives from the SBP and the Federal Board of Revenue (FBR) in attendance. On the issue of fumigation of export-bound consignments, MNA Sharmila Farqui informed the committee that rice exporters are being harassed by the Directorate General of the Department of Plant Protection (DPP). She alleged that the department was using pest-control methods involving banned Indian-origin pests, and that officials were opening rice consignments, apparently under the orders of the Director General. A representative from the Rice Exporters Association of Pakistan (REAP) acknowledged that conditions had somewhat improved for rice exporters but noted that several issues still frequently hamper exports. In response, DPP Director General Tahir Abbas informed the committee that the government had recently cancelled the licence of a company holding 60% market share for using Indian pests in rice fumigation. He defended the department's strict enforcement of phytosanitary measures, citing a significant reduction in shipment interceptions. Chairman of the Standing Committee, Jawed Hanif Khan, instructed the DG to maintain strict oversight of departmental operations to ensure that exporters are not mistreated by staff. Additionally, the Juice Manufacturers Association requested duty drawbacks on incremental exports in the upcoming budget, claiming such measures could help double export volumes in the coming years. According to official statement, the meeting reviewed the progress of key legislative measures and addressed pressing trade-related matters to enhance Pakistan's commercial landscape. It discussed the previous issue of disruptions in the export of rice. Emphasising the importance of resolving this matter, the committee urged the Department of Plant Protection to enhance its administrative oversight, particularly concerning container inspections and related procedures. The Committee was assured that efforts were actively underway to address these challenges, with a commitment to minimising, if not eliminating, future disruptions in rice exports. The committee also discussed the Suspension of SRO 760. The chair emphasised that the suspension of the SRO was a decision of the Federal Cabinet, and only the Cabinet could reinstate it. However, interim relief for pipeline issues remained a priority, and the Ministry had already made necessary requests for such relief. On discussions regarding granting special relief/ rebate by the government to food exporting companies it was noted that this incremental tax rebate would assist generating additional revenue for the country. The committee decided to forward the matter to the Federal Board of Revenue for further deliberation. The committee reviewed 'The Export Development Fund (Amendment) Bill, 2025', (moved by Muhammad Mobeen Arif, MNA), and 'The Trade Development Authority of Pakistan (Amendment) Bill, 2025', (moved by Usama Ahmed Mela, MNA) in depth and decided to constitute a Sub-Committee for detailed deliberation on the bills after the expiration of the previous Sub-Committee therefore, pending the bills till then. The committee decided to hold a detailed briefing on the Pakistan National Tariff Policy in the next meeting. It was stressed that tax liberalisation should not be extended to finished goods and luxury items, ensuring that the focus remained on sectors that aligned with national economic priorities. The proposal for liberalising raw materials and machinery imports to support industrial growth and to enhance productivity was also discussed in the meeting. The meeting was attended by MNAs, Muhammad Mobeen Arif, Usama Ahmed Mela, Shaista Pervaiz, Dr Mirza Ikhtiar Baig, Muhammad Atif, Tahira Aurangzeb, Khurshid Ahmed Junejo, Kiran Haider, Mir Amir Ali Khan Magsi in person whereas, Asad Alam Niazi, Rana Atif, Muhammad Ali Sarfaraz, Farhan Chishti, MNAs and Sharmila Sahiba Hishaam Faruqui, MNA/ Special Invitee attended the meeting virtually. Senior officers from the Ministry of Commerce, the Ministry of Law and Justice and the Ministry of National Food Security and Research were also present in the meeting. Copyright Business Recorder, 2025
Business Recorder
6 days ago
- Business
- Business Recorder
HEC, EDF sign MoU
ISLAMABAD: The Higher Education Commission (HEC) and the Export Development Fund (EDF), an autonomous body operating under the Ministry of Commerce, signed on Tuesday a memorandum of understanding (MoU) to jointly work on projects critical to magnify the country's exports. Executive Director HEC Dr Mazhar Saeed and Executive Director EDF Syed Abbas Mehdi signed the MoU on behalf of their respective institutions. Chairman HEC Prof Dr Mukhtar Ahmed and Secretary Ministry of Commerce Jawad Paul witnessed the signing ceremony. The MoU lays the groundwork for significant investment to enhance country's export-oriented research which will provide ways and means for technology transfer. The projects to be funded shall be selected through committee of experts comprising of officials from industry, HEC and EDF. The partnership directly tackles long-standing challenges faced by Pakistani exporters in value addition, promising to unlock new opportunities and boost the nation's global trade performance. The collaboration will focus on five critical areas such as boosting research grants, establishing advanced research and testing laboratories for provision of various services to exporters and start-ups, forging stronger industry-academia linkages, expanding international outreach through facilitating partnership of local institutions with international partnering , and elevating workforce skills. Expressing his views on this occasion, Chairman HEC Dr Mukhtar Ahmed termed the partnership between HEC and EDF a heartening development. He shed light on HEC's efforts for promotion of impact-based research initiatives while especially referring to Research for Innovation Portal (RFI), Offices of Research, Innovation and Commercialization (ORICs), and Business Incubation Centres (BICs). He maintained that HEC is heading towards a major shift from producing a high number of research publications to a heightened impact of research. He also highlighted HEC's collaborative endeavours with different government entities in this regard. The chairman appreciated the government's commitment to supporting joint efforts of national institutions for the national development. Concerted joint efforts will certainly yield more positive results than the outcomes the country's institutions are producing while working in silos, he affirmed. Secretary Ministry of Commerce Jawad Paul underlined the MoU as part of the government's targets to double the country's exports in the next five years. Highlighting various measures of the government to achieve this end, he said Pakistani companies are competing globally; however, the government aims to expand and enhance the capacity of firms. He appreciated HEC's programmes and initiatives directed towards promotion of research and innovation in the higher education institutions. He hoped that the collaboration between HEC and EDF will play its due part in the outcomes of government's efforts to enhance the country's exports. Earlier Engr Dr Mazhar Saeed, executive director HEC shed light on the background of the bilateral collaboration. He underscored that HEC is working together with different institutions on various fronts to strengthen research and innovation in the country. He added that the HEC-EDF partnership is part of the same series. This forward-thinking agreement sets a collaborative roadmap aimed at propelling Pakistan's export sector to new heights through innovative research and strategic initiatives, he noted. Copyright Business Recorder, 2025
Express Tribune
05-05-2025
- Business
- Express Tribune
PTA with Japan sought to ease tariffs
Pakistan Telecommunication Authority (PTA) withdrew directives on clearing houses which led to spike in calling rates for overseas callers. Pakistan has raised serious concerns over high tariffs imposed by Japan and calls for entering into a bilateral Preferential Trade Agreement (PTA) to ensure fair competition and balanced tariffs. Secretary of Commerce Jawad Paul has advocated for entering into a bilateral Preferential Trade Agreement (PTA) with Japan to ensure fair competition and balanced tariffs. Federal Minister for Commerce Jam Kamal Khan held a key meeting with the Ambassador of Japan on Monday, focusing on strengthening trade relations and addressing long-standing tariff issues. During the meeting, the minister proposed holding a dedicated Pakistan-Japan Business Forum to enhance bilateral commercial ties. Secretary of Commerce pointed out that Pakistan faces higher tariff barriers compared to other countries in the region, limiting its competitiveness in the Japanese market. Under Japan's Generalised System of Preferences (GSP), Pakistan's textile exports face an average tariff of 5.36%, while leather products are subject to an average tariff of 16% under Tariff Rate Quotas (TRQs). In FY 2023-24, bilateral trade stood at $1.33 billion, with Pakistan exporting only $194 million worth of goods to Japan, compared to $1.137 billion in imports. Minister Khan emphasised the urgent need to boost Pakistan's exports to Japan, which have remained stagnant and are significantly lower than imports. The Ambassador of Japan welcomed the proposal for a business forum and acknowledged Pakistan's concerns regarding high tariffs, assuring that these issues will be addressed. He reaffirmed Japan's commitment to enhancing bilateral trade and investment. The federal minister also stressed the importance of easing business travel through multiple-entry visas and encouraged Japanese investors to explore opportunities in Pakistan's textile, leather, surgical, and seafood sectors.
Express Tribune
21-04-2025
- Business
- Express Tribune
Strategic training for trade diplomats launched
In a significant move to bolster Pakistan's global economic presence, the Ministry of Commerce formally inaugurated the pre-departure training programme for the newly appointed Trade and Investment Officers (TIOs) at the Pakistan Institute of Trade and Development (PITAD) on Monday, according to a press statement. The event featured speeches from Federal Minister for Commerce Jam Kamal Khan, Secretary Commerce Jawad Paul, and Director General PITAD Shazia Adnan, all underlining the pivotal role TIOs will play in reshaping the country's trade and investment diplomacy. Federal Minister Jam Kamal Khan emphasised the transformative vision behind the new batch of 28 officers, selected through a merit-based and transparent process involving MOFA, TDAP, and BOI. "Gone are the days when TIOs were perceived to be abroad for ceremonial duties or leisure. This time, they are expected to perform, and their performance will be measurable through established KPIs," he stated. He called for a smart, visible approach and urged officers to move beyond conventional methods. "You must brand Pakistan not just as a country, but as a unique identity recognised through its exports - our mangoes, basmati rice, and world-class soccer balls," he said. He further encouraged TIOs to explore trilateral cooperation models, recognising global shifts toward economic blocs. "We must navigate the new global order with agility and creativity. Challenges, in fact, open new windows of opportunity," he added. Citing the HEMS event in Lahore as a successful example of Pakistan's diplomatic capability, the minister urged officers to also promote non-traditional products and GI-tagged items to tap niche markets. Secretary Commerce Jawad Paul reinforced the urgency of the mission, advocating a shift from political to commercial diplomacy. "Trade and investment now define global power structures. You are no longer just diplomats; you are Pakistan's economic front-liners," he said. Noting dwindling exports and rising imports, he urged TIOs to act as catalysts in reversing these trends, forging ties with chambers of commerce, retail giants, and multinational firms. He also underscored their role in promoting overseas employment to boost remittances. DG PITAD Shazia Adnan welcomed the officers and highlighted the hands-on nature of their training. "This training is not just a curriculum; it's a launchpad for your mission abroad. You are Pakistan's future trade diplomats, responsible for bridging economic gaps and building long-term partnerships," she said, urging them to serve with dedication and integrity.
