ISLAMABAD - Secretary Commerce Munir Qureshi said on Monday that Pakistan and India would hold talks on the trade of petroleum products and electricity during the ongoing month of July.
Talking to the media after attending the meeting of Senate Standing Committee on Commerce, Secretary Commerce Munir Qureshi said that Pakistani delegation would visit India to hold talks regarding import of petroleum products from the neighboring country during the current month. Similarly, an Indian delegation would visit Pakistan in July to discuss the mechanism of electricity export to Islamabad, he added.
He said that after resumption of NATO supply to ISAF forces in Afghanistan not a single convoy has not crossed the border due to suspension of the supply. Containers were in poor condition and after necessary maintenance these containers would be able to utilize, he added.
The Senate Standing Committee on Commerce met under the chair of Senator Haji Ghulam Ahmed Ali to review the performance of the ministry and its attached departments. Briefing the committee, Secretary Commerce Munir Qureshi said that Islamabad has invited the Indian companies to invest in Pakistan, as New Delhi has assured us to withdraw ban imposed on the investment in Pakistan.
The Committee was briefed regarding trade with India, as committee was informed that India could export everything to Pakistan except 1209 items. Pakistan is likely to eliminate the negative list by the end of December 2012.
The Committee was informed that ministerial level talks were in progress with India over SAFTA and NLDCS. He said that they were working to on a plan to enhance trade volume with India however; both countries have differences over different items of negative list.
The committee was briefed that government would announce the three-year 2012-2015 trade policy next month (August). Trading Corporation of Pakistan (TCP) informed the committee that sufficient stock of sugar is available to meet the requirements in the country and maintained that there would be no shortage of sugar during the holy month of Ramazan. The committee was informed that TCP would fulfil the demand of sugar sold at Utility Stores Corporation (USC) outlets. Trading Corporation of Pakistan told the committee that corporation had paid Rs.20 to 22 billion in the form of duties and currently purchasing urea worth of Rs 79 billion.
The committee recommended to establish chambers of commerce and industry at district level which would increase the confidence of traders community and help enhance the exports of the country.
The committee was also briefed on the performance of the State Life Insurance Corporation, Pakistan Tobacco Board and other attached departments of the Commerce Ministry. Representative of Pakistan Tobacco Board told the committee that the department has paid Rs 60 billion tax to the federal government during last fiscal year 2011-12 and its export increased Rs 31 billion during the year.