Senate body seek report from commerce ministry on mitigating new industrial trends

ISLAMABAD: Senate Standing Committee on Commerce Thursday sought report from ministry of commerce on steps to mitigate new issues in industries and exports after the emergence of fourth industrial revolution.

The committee summoned the next meeting to review the policy formation and vision of ministry of commerce to cope with new realities after the fourth industrial revolution, increasing exports and changing dynamics in economic relations among the countries.

The committee meeting was chaired by Senator Syed Shibli Faraz here at Parliament Lodges.

In the meeting, Senator Shibli Faraz said the fourth industrial revolution built on the digital revolution and marked by emerging technology breakthrough in the fields of nanotechnology, quantum computing, biotechnology and economic relations.

During the meeting, Federal Minister for Commerce, Eng. Khurram Dastgir Khan said that priority of the government was to introduces the best modern practices in the country's trade and export.

He said that his ministry was near to finalize legislation on e- commerce for promoting cottage industry at international level.

The Minister said the government was changing the traditional ways of diplomacy and trained the ambassadors for aggressive trade diplomacy to achieve the economic objective of the country.

He informed the committee that Rs 15 billion would be paid to the textile sector through Prime Minister "Trade Enhancement Package" by August 15.

Chairman Shibli Faraz urged for reviewing the trade policy according to modern trends and use of technology for increasing trade and exports.

He said "We need revival in our trade to optimize the China Pakistan Economic Corridor and Special Economic Zones (SEZs).

Senator Saleem Mandviwala, Ilyas Ahmad Bilour, Saud Majeed, Mufti Abdul Sattar, Mrs. Naseema Ehsan and official of Ministry of Commerce attended the meeting.