Senate Committee Passes Imports and Exports (Control) (Amendment) Bill 2023

A meeting of the Senate Standing Committee on Commerce was held under the chairmanship of Senator Zeeshan Khanzada, where members deliberated and voted in favor of the Imports and Exports (Control) (Amendment) Bill 2023.

The committee also meticulously reviewed matters related to the import of processed meat, addressing concerns and potential implications. The committee voted on the Imports and Exports (Control) (Amendment) Bill 2023. The majority of the members voted in favor.

Commerce Ministry officials briefed the committee that Pakistan’s total exports of minerals reached $950 million over the last three years. However, concerns were raised about potential repercussions if mineral exports were reduced.

The Additional Secretary of the Ministry of Commerce noted existing long-term contracts with contractors for mineral exports and asserted that there is no immediate need to amend the Minerals Act.

Senator Dinesh Kumar questioned the current practice of exporting minerals in raw form, suggesting a shift towards exporting refined minerals.

Senator Mirza Afridi advocated for value addition within the country, arguing that foreign minerals, rather than local ones, are often exported with value addition from Pakistan. He emphasized that exporting minerals with value addition domestically would lead to increased employment opportunities.

Various stakeholders, including the State Bank of Pakistan, were acknowledged as essential participants in the mineral export sector. Senator Mirza Muhammad Afridi proposed that SBP should provide bank loans specifically for the mineral sector.