NA panel alarmed over trade deficit with China

Islamabad witnessed a serious concern being expressed by a parliamentary committee regarding Pakistan's ongoing trade deficit with China and its other Free Trade Agreement partners. The National Assembly Standing Committee on Commerce held a meeting chaired by MNA Jawed Hanif to review various aspects that contribute to this economic imbalance.

The committee deliberated on tariff reforms, export promotion measures, the performance of key trade entities, trade relations with major trading partners, and proposed legislative amendments.

The committee directed the relevant authorities to furnish pertinent information about the Saindak project and mineral exports to evaluate if Pakistan is receiving an adequate economic return from its mineral resources. Additionally, the committee received information about the proposed Generalized System of Preferences Plus (GSP+) scheme, which is set to commence from January 1, 2027.

The committee requested the Ministry of Commerce to provide a detailed briefing on Pakistan's preparedness for the GSP+ scheme, including potential opportunities, challenges, and measures required to maximize its benefits.

Furthermore, the committee tasked the ministry with furnishing detailed presentations and comprehensive reports on Pakistan's Export Development Fund (EDF), existing GSP+ agreements with China, Malaysia, and Indonesia, as well as the country's mineral exports. The committee's efforts aim to shed light on the underlying factors driving the trade deficit and explore ways to improve Pakistan's overall trade performance.