Islamabad, 4th February, 2026 — The National Assembly Standing Committee on Commerce, chaired by Mr. Muhammad Jawed Hanif Khan, convened to deliberate on legislative business and a Calling Attention Notice on export performance, as well as broader economic and trade matters, including trade deficit management and investment trends.

 

In line with its legislative agenda, the Committee constituted a Sub-Committee on The Life Insurance Nationalization (Amendment) Bill, 2026 (Government Bill,) under the convenorship of Dr. Mirza Ikhtiar Baig. The Chairman directed that all relevant stakeholders be invited to participate in the Sub-Committee’s deliberations and emphasized that the matter be examined comprehensively, with recommendations formulated to benefit both employees and stakeholders.

 

The Calling Attention Notice was taken up by the Committee, during which the Ministry informed the Committee that the Government has adopted an export-led growth strategy for FY 2025–26 in line with the Prime Minister’s vision to strengthen economic resilience and expand Pakistan’s export base, supported by the National Tariff Policy 2025–30, the forthcoming Strategic Trade Policy Framework, and sector-specific roadmaps for key export sectors; the Ministry further apprised that measures have been taken to reduce the cost of doing business through rationalization of industrial energy tariffs, provision of concessional financing, timely clearance of exporters’ refunds, abolition of the Export Development Surcharge, and simplification of trade regulations, while efforts are underway to sustain GSP Plus status, review existing trade agreements, and negotiate new FTAs and PTAs, reaffirming the Government’s commitment to a predictable, export-friendly environment through sustained reforms and public-private partnership despite global trade challenges.

During the discussion on the trade deficit, the Minister of Commerce apprised the Committee that Pakistan continues to face pressure due to limited export earnings and reliance on remittances to support the external account. The Minister stated that while remittances have provided short-term relief, sustainable economic stability requires a significant increase in exports. It was explained that recent stabilization measures have been recognized by international institutions, including the International Monitory Fund (IMF) and credit rating agencies, and that improvements in inflation, interest rates, and macroeconomic indicators have created a more predictable environment for trade. The Minister further highlighted that reducing the cost of production, improving competitiveness, addressing infrastructure constraints, and ensuring policy continuity are essential to narrowing the trade deficit over the medium term.

 

The Committee discussed the revision of irrational value addition norms prescribed under SRO 760(I) 2013 concerning the import and export of precious metals and jewelry. The Chairman directed that the State Bank and all relevant stakeholders be called to comprehensively review and discuss the matter, and that the issue be taken up again in the next meeting.

 

The CEO of State Life Insurance Corporation of Pakistan briefed the Committee on the corporation’s strategic investment framework and the performance of its diversified investment portfolio. The briefing covered fund management, liquidity, dividend policy, and measures to ensure stability in the financial market.

 

The Committee discussed issues related to at-source deductions, mark-up payments, and pending cases involving sugar mills, noting that the Ministry is actively pursuing the matter in courts. The Committee also reviewed the district chamber framework and KCCI membership, agreeing in principle to maintain dual membership while allowing exemptions and mergers under the proposed law.

 

The meeting was attended by MNAs, Dr. Mirza Ikhtiar Baig and Ms. Tahira Aurangzeb in person. Ms. Shaista Pervaiz, Mr. Asad Alam Niazi, Mr. Farhan Chishti and Mr. Ramesh Kumar Vankwani and Choudhary Iftikhar Nazir attended the Meeting virtually. The Minister of Commerce, Senior officers from the Ministry of Commerce, Finance Division, CEO of The State Life Insurance Corporation of Pakistan, Officers from Ministry of National Food Security and Research were also present in the meeting.