After getting approval of the cabinet, the Ministry of Commerce is making some amendments in the draft of Free Trade Agreement (FTA) with China, that is to be signed on 28th April in China ,as the earlier was not in the favour of Pakistani local industry
Islamabad (Pakistan Point News / Online - 23rd April, 2019) After getting approval of the cabinet, the Ministry of Commerce is making some amendments in the draft of Free Trade Agreement (FTA) with China, that is to be signed on 28th April in China ,as the earlier was not in the favour of Pakistani local industry.This was told to Senate Standing Committee on Commerce and Textile Industry , which met here at the Parliament House on Tuesday under the chairmanship of Senator Mirza Khan Afridi.
The committee was apprised that around 100 delegates are visiting China during the visit when the FTA will be signed on 28 April. The FTA with China will give us duty free access to their market and now Pakistan will have the same status as other ASEAN countries enjoy. After the FTA is signed it will be dependent on Pakistani businesses to provide good quality products to meet their competitors. The Committee noted that there is a need to carryout value chain analysis of the textile production industry.
The ministry was directed to fill all the vacant posts on quota of Balochistan within three months.The Committee chairman observed that the National Textile University Faisalabad is working well but there should be a mechanism for proper commercialisation of the research products and there should be a linkage of academia and industry. He said that textile engineers in Pakistan are still working on raw cotton and don't have proper knowledge of synthetic cotton.
The advisor assured the Committee that the ministry is taking steps which will increase our international market share. The issue of under invoicing was also discussed which is damaging the economy and revenue generation as well as giving way to money laundering. The Committee observed that this comes under the Federal board of Revenue but it effects commerce division and decided to call FBR as well to the next meeting.The Committee deferred briefing by TDAP due to some anomalies in the presentation as well as due to absence of senior officials being in China for the FTA signing engagements.
