ISLAMABAD: Senate Standing Committee on Commerce here called for simplifying procedures of public procurement to expedite procurement of commodities from international markets, when their prices are at lower level to benefit country.

Committee which met with Senator Zeeshan Khanzada in chair discussed working mechanisms of Trade Development Authority of Pakistan (TDAP) and Trading Corporation of Pakistan (TCP) and recommended measures for enhancing efficiencies of these entities for economic development of country.

Committee noted that due to cumbersome process of approval from concerned authorities during their procurement to fulfill local needs, prices of commodities like wheat, sugarcane and fertilizers gradually increased in international markets, which ultimately cost country. Meanwhile, Chairman TCP apprised meeting about operational activities of TCP and said that Corporation was established in 1967 and was fully government owned, adding that it was generating its own revenues, while it has 7 members and 2 independent members.

Meanwhile, he said that paid up capital of Corporation stood at Rs one billion, whereas comprehensive income after tax was recorded at Rs 1.517 billion, adding that during year 2021-22, Corporation earned about Rs 4.469 billion and profit after tax was registered at Rs 2.565 billion. He apprised Committee that total liabilities of Corporation swelled to Rs 127.447 billion, adding that principal amount was calculated at Rs 45.721 billion and markup stood at Rs 87.726 billion by month of October 30, 2022.

Committee expressed its concern over increasing liabilities and asked for evolving mechanism to improve financial health of Corporation and asked TCP to approach Ministry of Finance to recover outstanding amount of provinces and other departments. Trade Councilor, Embassy of Pakistan in Canada briefed Committee about trade potential with Canada and measures being taken to exploit untapped areas to further enhance bilateral trade and investment. He informed meeting that webinars were organised to highlight trade and investment potential of Pakistan. Different tariff barriers, Pak-Canada trade was less than other regional countries and said that Embassy was making efforts to remove these barriers to enhance bilateral trade. Senators Saleem Mandviwalla, Nuzhat Sadiq, Fida Muhammad Khan and Muhammad Abdul Qadir, Secretary Commerce and senior officials of Ministry of Commerce and allied departments attended meeting.

Published in The Daily National Courier, November, 18 2022

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