ISLAMABAD: The Senate Standing Committee on Commerce Friday expressed concern over the increase in anti-dumping duty (ADD) on steel bars which resulted in an increase in the price of steel bars in the country.
The committee which met with Senator Zeeshan Khanzada in the chair was informed by secretary Ministry of Commerce that the ADD on steel bars will continue till September 2022. Due to an increase in the ADD the price of one ton steel bars rose to Rs115,000 which is affecting the whole country, Abdul Qadir said.
A senior official of the National Tariff Commission (NTC) briefed the meeting about its role and budgetary proposals finalised for the upcoming financial year 2022-23. She informed the meeting tax on 50 percent raw material is zero. The ministry is making efforts to curtail the manufacturing cost, she said.
She said that the budget proposal for the upcoming budget include, slab-wise reduction of custom duty (CD), Regulatory Duty (RD), and ACD.
Reduction of tax on agriculture section including farm inputs, agriculture machinery has also been proposed, she said.
The committee discussed the point of public importance raised by Senator Mushtaq Ahmed regarding details of countries visited by the Secretary of Commerce and expenses incurred on each visit. Ahmed showed satisfaction with the details provided by the Ministry of Commerce.
However, he expressed serious reservations on the current trade deficit and opined that Pakistan should increase its trade with the neighbouring countries such as Afghanistan, Iran, and the Central Asian Republics (CARS).
Moreover, the committee also discussed the matter regarding the import of sub-standard wheat by Trade Corporation raised by Senator Dilawar Khan.
Senators Fida Muhammad, Saleem Mandviwalla, Mohammad Abdul Qadir, Mushtaq Ahmed, Muhammad Qasim, Special Secretary Ministry of Commerce, Chairperson (NTC), and other senior officers of the ministry also attended the meeting.
Copyright Business Recorder, 2022