ISLAMABAD: Pakistan and India would be notifying Non-Discriminatory Market Access (NDMA), when new government in India would take over after general elections.
Statutory Regulatory Order (SRO) rationalisation process is on and finance bill 2015 to be presented in the Parliament would eliminate all the hurdles being faced by the trading community of the country.
New Gold Import Policy is in making and would get approval within next two weeks with reduction in import quantity to eliminate the chance of misuse of this import concession, Federal Minister for Commerce Khurram Dastgir Khan informed Daily Times.
He was of the view signing of NDMC with India would not mean signing of a new agreement or allowing new trade concession to India, but Pakistan would abolish India’s specific chapter contained in its Import Policy Order for removal restrictions at present applicable in imports from India.
Minister mentioned there were many apprehensions and misperceptions on Pak-India trade, elaborating his view he said during Pakistan Peoples Party’s government when trade with India was converted from small Positive List with Negative list 75 percent trade with India got liberalised including trade or agriculture commodities.
What Pakistan Muslim League (PML-N) government going to do is to eliminate the India specific chapter contained in its Import Policy Order to get normalised the remaining 25 percent trade with India.
Minister informed India had abolished Pakistan specific chapter contained in its Import Policy in 1996 and termed it as Most Favoured Nation (MFN) status for Pakistan. In return, India is demanding from us to abolish the India specific chapter in Pakistan’s Import Policy Order so as to normalise trade between the two neighbours in accordance with World Trade Organisation (WTO). Pakistan and India after new government in India takes over would notify the abolishing of country specific trade restrictions, 100 percent trade would get normalised between the two countries.
Once Pakistan notifies abolishing of trade restrictions for India, entire trading partners of India would stand beside us as they are continuously voicing against non-tariff barriers applied by the India authorities on imports in to India. That occasion would be an opportunity for us to compel India to remove the operational difficulties faced by the Pakistani exporters.
He dispelled the impression subsidised imports from India would cause losses to Pakistani agriculture sector and said India did not allow export of products which were produced from subsidised input especially agriculture commodities.
Explaining the tariff rationalisation and SRO rationalisation plan being undertaken by the government, he informed ministries of Commerce, Industry, Textiles and Federal Board of Revenue (FBR) were involved in this exercise and we have asked the FBR to make tariff and import structure more export friendly. Finance bill 2015 that would be presented in the Parliament at budget 2014-15 session would contain the results of this mega exercise.
He said he has been opposing ban on import of gold in each Economic Coordination Committee meeting of the Cabinet (ECC) and upon the directions of ECC new gold import policy for jewellery industry was being formulated. New policy would reduce the importable quantity of gold by each registered importer. He said this policy would eliminate all the difficulties being faced by the country that were witnessed by excessive import of gold by few non-exporter elements, which caused huge damage to the parity of rupee against US dollar.
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