ISLAMABAD: The Senate Standing Committee on Commerce was informed on Wednesday that protocols to export donkey skins and meat to China had been finalised.

The commerce ministry officials disclosed this while briefing the committee meeting chaired by Senator Anusha Rahman. It was also briefed on the attached departments of the commerce division to review its performance.

The additional secretary in charge of the Commerce Ministry, Ahsan Ali Mangi, informed the committee that the protocol for donkey skins had been finalised, and the ministry was also planning to include donkey meat in the list. He said the ministry has also finalised export protocols for onions, potatoes and chillies to China.

Ms Rahman asserted that Pakistan produces only one-fifth of its demand for onions, making it quite difficult to justify the export of onions to China.

He informed the committee that the ministry has proposed nine new missions, including Malaysia, Iraq, Oman, Tanzania, Kenya, and Mozambique.

Officials briefed the committee that the Transit Trade Agreement with Central Asian countries (CACs), mainly Uzbekistan, Tajikistan, and Kazakhstan, has been finalised. Pakistani trucks move goods worth $2.2-3 million every month, and the ministry expects a rapid increase in trade with the CACs.

Soaring debts of TCP

Trading Corporation of Pakistan (TCP) Chairman Rafeo Bashir Shah informed the committee that the TCP’s debts had soared to Rs281bn since 2008, with an interest of Rs160m accruing daily. The Utility Stores Corporation, Punjab, Sindh, Balochistan, KP food departments, and Ministry of Industries and Production owe the TCP.

The primary objective of TCP is to import wheat, urea, and sugar as directed by the government to stabilise domestic demand. He explained that despite several requests to provincial departments, reconciliation of outstanding amounts has not been achieved.

Commerce Minister Jam Kamal Khan stated that the ministry is facing a ticking time bomb, and if the issue is not resolved, it could turn into another circular debt. The committee decided to refer the matter to the Senate Finance Committee for immediate resolution.

Furthermore, the committee was briefed by State Life Insurance (SLIC) and National Insurance Company Limited (NICL) officials. The CEO of SLIC apprised the committee that State Life is a profitable state-owned enterprise, and public confidence in the company has increased significantly. SLIC is committed to upholding public trust and is working with provincial governments to implement the Sehat Card nationwide, which has subsequently also improved the performance of both public and private hospitals.

The CEO of NICL stated that NICL is the second-largest insurance company in the country, with a growth rate of 20.29pc in FY24, compared to 29.66pc growth in the fiscal year 2022-23.

Published in Dawn, July 4th, 2024