Ministry tasked with amendments in TDAP Act

ISLAMABAD: The Ministry of Commerce has been tasked to come up with recommendations on amendments in Trade Development Authority of Pakistan (TDAP) Act, 2013 as well as reforms to build the capacity of the institution, a statement said on Wednesday. 

 "The Senate Standing Committee on Commerce, which met under the chair of Senator Syed Shibli Faraz in Parliament house, directed the ministry to conduct a legal review and suggest amendments in the act and report by mid of June 2017," the statement said.

Mohammad Younus Dagha, Secretary Commerce, informed the Senate body the ministry was fully committed to introduce reforms in the TDAP and evolve a research institute for boosting country’s overall trade volume.

“We are establishing a new think tank, “Pakistan Institute of Trade and Development (PITD)”, which will carry out academic research, while playing a major role in building the capacity of traders," Dagha told the committee. 

He added that PITD would be inaugurated in September 2017 to promote market based trade through research. 

Briefing the upper house body regarding China-Pakistan Economic Corridor (CPEC), a senior official of the ministry said that according to the World Bank report, the CPEC would create 4.5 million jobs.  

“The ministry will provide trade facilitation under the CPEC and focus on upgrading the infrastructure, enhancing connectivity, developing Special Economic Zones (SEZs), boosting intra-country trade,” he said.  

The official noted that economic integration with China would help get more benefits in trade and investment. 

“The joint working group in energy, transport, investment, and special joint working group on Gwadar will also implement the long and short term planning and policy decision,” he told the committee.  

Furthermore, the Senate panel also sought report on the official visits of the functionaries of ministry and their benefits for enhancing foreign trade. The ministry representatives also briefed the committee regarding the operational procedure of Exim bank.

Wrapping up the meeting, Senator Faraz, stressed the need  for structural, administrative and legal reforms in the TDAP and implementation of policy in letter and spirit .   Senator Haji saifullah Khan Bangash, Mufti Abdul Sattar, Mrs Naseema Ehsan, and other official of ministry of commerce attended the meeting.