Commerce Minister Pervaiz Malik and Minister of State, Haji Muhammad Akram Ansari Tuesday held a meeting with the heads of different sections and sought a briefing on trade performance and other issues. The Commerce Ministry team headed by Additional Secretary Anjum Asad Amin and Joint Secretaries gave short briefings about export performance which posted a negative growth during last three years - a key concern for the government.
Pakistan's exports during FY 2017 declined by 1.63 percent - to $ 20.44 billion from $ 20.78 billion in FY 2016 whereas imports during 2017 increased by 18.67 percent - from $ 44.69 billion in 2016 to $ 52.02 billion. The sources said both the ministers were also given presentation on trade relations with other countries including the status of PTAs and FTAs.
Pervaiz Malik, sources said, expressed his interest in trade relations with China and Afghanistan. Pakistan has FTA with China but the Commerce Ministry believes that it has little impact on Pakistan's exports to China vis-à-vis imports from China. The newly-appointed ministers will give a detailed presentation to Prime Minister Shahid Khaqan Abbasi on factors responsible for the decline in exports and surge in imports along with proposed remedial measures including rationalization of tariffs and currency rate.
The sources said the Commerce Minister also asked officials to brief him on sugar issues as he is being approached by Pakistan Sugar Mills Association (PSMA) since he took oath. Director General (Trade Policy) Muhammad Ashraf, who deals with sugar sector, gave a detailed briefing on sugar issues and current pricing trend after PSMA (Sindh) refused to sell sugar in the market due to which prices have gone up substantially.
The Commerce Minister is head of an inter-ministerial committee, comprising Secretary Commerce, Secretary Industries and Secretary Ministry of National Food Security and Research which finalizes recommendations for the Economic Co-ordination Committee (ECC) of the Cabinet.
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