ISLAMABAD, Nov 10: To retain and increase market share in textiles after the lifting of the textile quotas in 2005, Pakistan has to ensure competitiveness through improved quality and low prices, Commerce Minister Humayun Akhtar Khan told the National Assembly here Monday.

During the question hour, the minister said that textiles quota restrictions after 2005 onwards, would no longer be applicable, therefore Pakistani textile products would be exportable to all countries without quantitative restraint. To keep products competitive, he said, the government was trying to reduce the cost of inputs. Markups on loans have also been reduced to 2.5 per cent.

He assured that the government was constantly evaluating the challenges and opportunities arising for Pakistan in the World Trading System and has taken different initiatives to facilitate the improvement of quality as well as reduction in different components of the cost of production like the introduction of a new technology upgradation scheme.

In this context, he said, the textile vision 2005 has also been proposed in collaboration with the stakeholders, trade associations and the chambers of commerce. The Commerce Ministry has formed a number of groups on different WTO issues in which Trade Bodies have been given due representation, besides different advisory committees and boards established by the ministry also have representatives from trade bodies to continuously discuss WTO related issues, proposals and strategies.

About the trade in cereals, he said the Commerce Ministry was closely working with the Ministry of Food and Agriculture and both ministries have regular consultations with chamber representatives and other stakeholders through advisory committees, etc.

Answering a question, finance minister Shaukat Aziz said that Securities and Exchange Commission of Pakistan (SECP) and State Bank of Pakistan (SBP) have taken action against the Forex Companies, which have deprived their account holders of their deposited amounts.

The action included filing of winding-up petitions against some entities whose accounts were frozen by the courts. Orders were also being implemented to pay back the money to depositors, he said.

He said the collection of evidence against other companies was under way and action would be taken in accordance with the law as soon as this process is completed.

Sixteen cases of such entities/ individuals have been sent to National Accountability Bureau (NAB) for initiating investigation in accordance with the provision of NAB Ordinance.

Furthermore, the SECP and the SBP have also repeatedly cautioned the general public through publication of notices in leading newspapers not to deal with such illegal and unauthorized business and to ensure that the institutions they chose to work with were duly registered/licensed by the SECP and the SBP.