AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: In a pivotal meeting of the Standing Committee on Commerce held on August 19, 2024, at the Parliament House, under the leadership of Chairman Muhammad Jawed Hanif Khan, pressing issues regarding the payment of pending claims under the Duty Drawbacks of Local Taxes Scheme were discussed. The committee emphasized the urgent need for prioritizing small exporters in the disbursement of allocated funds.
According to National Assembly of Pakistan, the Ministry of Commerce reported that of the Rs. 37.306 billion required, only Rs. 10 billion had been allocated by the Finance Division for the fiscal year 2024-25. This significant shortfall led the committee to instruct the Ministry to ensure that the available funds are primarily used to support small exporters to maintain their operations. Furthermore, the committee has urged the Ministry to make concerted efforts to obtain the remaining funds necessary to meet all exporters’ demands.
The meeting also reviewed the performance enhancements of Pakistan’s Trade Missions abroad, particularly the improved selection criteria and responsibilities for Trade and Investment Officers (TIOs). The Ministry is preparing to launch an online portal to facilitate the evaluation of these officers, with the committee requesting a detailed comparison of the outcomes from the revised Key Performance Indicators at their next meeting.
Additionally, the committee addressed the underutilized potential of Pakistan’s gemstone reserves, the fifth-largest in the world, which has not received adequate attention. To tackle this issue, a four-member Sub-Committee was established, led by Mr. Muhammad Atif Khan, MNA, to devise strategies to leverage this resource for national revenue enhancement.
The session was attended by the Minister for Commerce, other committee members, and senior officials from the Ministry and its subordinate departments, all coming together to forge pathways for boosting Pakistan’s commerce sector.
The post Commerce Committee Directs Urgent Allocation for Small Exporters Amid Funding Shortfalls appeared first on pakistannewsgazette.com.