ISLAMABAD, (Pakistan Point News - APP - 28th july,2016) : The Senate Standing Committee on Commerce (MoC) here Thursday directed the Ministry of Commerce to make the Export Import (Exim) bank functional by November this year to facilitate exporters and importers of the country. The meeting of the committee was held here under the Chairmanship of Senator, Syed Shibli Faraz which among others was attended by senators, Ilyas Ahmad Bilour, Muhammad Usman Khan Kakar, Saud Majeed, Rahila Magsi and Karim Ahmed Khawaja.
"We need Exim bank functional within four months in November this year," said the Chairman of the committee after attending the briefing on EXIM bank by representatives of Ministry of Commerce. He said that it was the duty of the Ministry of Commerce to complete all the formalities in this regard adding the committee was ready to help the ministry if it has been facing any problems in making the bank functional. He said that since the finance Ministry has already released 70 percent of the seed money which is Rs.
7 billion during the financial year 2015-16, so this facility should be created as soon as possible. He was of the view that had there been the EXIM bank, the exporters and importers of the country would have not faced problems and issues. He said that Finance Ministry would also be sent directives to facilitate early functioning of the bank. The committee expressed dissatisfaction over the non- implementation of National Tariff Commission Bill, 2015 and Anti- Dumping Duties Bill 2015.
The committee also directed that the National Tariff Commission Bill 2015 must by implemented within 90 days i.e. by October 30. The Chairman while expressing dissatisfaction over the non- implementation of the bill, said that about one year has passed since the bill was enacted but still there is no implementation. He directed that service and business rules must be prepared adding that the finance ministry would also be written to help the issue.
On this, Secretary Commerce informed the committee that implementation of the bill was the top priority of the ministry as it was working on it on fast pace. Meanwhile, the committee was also given detailed briefing by the Pakistan Chamber of Commerce on Mineral and Pharmaceutical Sector on the issues and problems faced by this particular sector. The committee was informed that the pharmaceutical sector of the country had great potential to boost exports, provided it is facilitated by the regulatory and government organizations. The committee was informed that the pharmaceutical sector of the country could beat Indian pharmaceutical provided it is facilitated in terms of timely documentation.