ISLAMABAD: The Senate Standing Committee on Commerce, led by its Chairman Senator Shibli Faraz, on Tuesday directed the commerce ministry to expedite the process for finalisation of free trade agreement (FTAs) with Iran.

The demand came from the committee during a briefing by the officials of Ministry of Commerce on the status of negotiations on existing FTAs with various countries.

Secretary Commerce Azmat Ali Ranjha said the draft of FTA was already exchanged with Iran. He said the second meeting on the draft will be held in Islamabad in February while talks will be completed by the end of current year.

The FTAs talks are also in advance stage with Thailand and Turkey.

The committee recommended the government to give control of Export Development Fund (EDF) to the commerce ministry. Currently, the Ministry of Finance controls the fund administratively.

Under EDF, the government collects around Rs6bn on exports proceeds from the country. However, the commerce ministry receives only Rs1.2 billion per annum while the rest piles up with the finance ministry. So far, the amount under EDF at the finance ministry has reached Rs30bn.

Senator Saleem Mandviwalla said it was illegal that the finance ministry has withheld the EDF amounts.

On the performance of two export centres, the committee recommended the inaugural of Peshawar Expo Centre in March. It was also recommended to divert the funds allocated for Islamabad Expo to Peshawar.

Senator Ilays Ahmad Bilour said that used imported oil was being used in the manufacturing of vegetable ghee. The committee suggested for an amendment in the import policy order.

Published in Dawn January 18th, 2017