ISLAMABAD - The Senate Standing Committee on Commerce Wednesday took notice of different factors that contributed to the decline in the trend of exports from $23.9 billion to $20.8 billion in 2016.

A meeting of the Senate Standing on Commerce was presided over by Senator Shibli Faraz. The committee discussed the possible reasons for the current halt in the exports trend. Pakistan exported goods worth $20.8 billion during last fiscal year as against the target of $25.5 billion. This was for the first time in last many years that the country’s exports could not surpass the $21 billion level. Exports were recorded at $25 billion during the year 2013-14 and $24 billion in 2014-15.

The committee took note of different factors that contributed to the decline in the trend of exports. The committee was briefed by the Ministry of Commerce regarding different steps taken by it to increase the volume of exports. The committee was of view that it is rather the structural issues that need to be addressed and an enhanced role of Parliament can best address it.

The committee asserted that it is pertinent to develop a long term vision to achieve the desired volume of exports. While discussing the missing link between the Strategic Trade Policy Framework (STPF) 2015-2018 and the China Pakistan Economic Corridor (CPEC), the committee noted with dismay that the ministry has not been able to make any progress and the benefits that the country could reap have not fully been explored. The committee was of opinion that that STPF should be revised and a vision pertaining to the CPEC needs to be incorporated in it. Moreover, Academia and the Federation of Pakistan Chamber of Commerce and Industry need to play an active role and conduct research pertaining to CPEC to explore its full potential.

The committee was briefed by the representative from the Ministry of Commerce regarding the impacts of Free Trade Agreements (FTAs) to local industries. The committee noted that there is usually a lack of transparency with respect to different FTAs which not only limits the opportunities offered by it, but also at times camouflages the possible negative provisions. The committee was of opinion that the interests of local businesses should be the utmost priority and shall be kept in mind while signing any FTA.

The meeting was attended by members of the committee including Senator Ilyas Ahmed Bilour, Senator Saleem Mandviwala, Senator Karim Ahmed Khawaja, Senator Mufti Abdul Sattar and senior officials from the ministries concerned.