Commerce ministry right-sizing approved

ISLAMABAD: The Federal Cabinet has approved the right sizing of ministry of commerce.

The cabinet decided to close all the trade missions abroad whose performance is not satisfactory. Only the missions increasing country’s exports will be maintained.

These missions will be strengthened and a third-party survey will be conducted to assess their performance. The survey will be conducted twice after every two years. Directions have been issued to present the survey assessment to the cabinet by February 28, 2025.

Three organisations of the ministry - State Life Insurance Corporation (SLIC), Pakistan Reinsurance Company Limited (PRCL) and National Insurance Company Limited (NICL) - will be privatised.

Decision has been taken to make Pakistan Expo Centre self-reliant. The government will not invest in it. Directions have been issued that implementation plan be submitted to the Rightsizing Committee by January 20.

A third-party review of the Trading Corporation of Pakistan will be conducted. It will be reviewed whether it should be privatised or run under public-private partnership.

Regarding Garment City Companies, it has been decided to review whether they should be privatised or run under public-private partnership or to hand them over to the provinces.

A third-party review of the Trade Development Authority of Pakistan will also be conducted in which performance and achievements of the institution will be reviewed. It will be maintained only for the purposes of trade negotiations.

The National Tariff Commission will be maintained with limited role. The staff will be reduced by 30pc.

The Trade Dispute Resolution Organisation has been directed to continue its work for another year. The Intellectual Property Rights Institute (IPO) will be maintained. However, its role will be limited and the staff reduced by 40 percent.

The Export Development Fund will also undergo a third-party review. The Pakistan Institute of Trade and Development will be maintained, but it has been directed to generate revenue for self-reliance.

The Textile Commissioners Organisation will be abolished after approval of the ministry. The duties of DG Trade Organisation will be reviewed and restructuring will be carried out. Its staff will be decreased by 30 percent and the ratio of officers and subordinate staff reduced.