Senator Shibli Faraz was unanimously elected as Chairman for Senate Standing Committee on Commerce and Textile.
He observed that the responsibilities for the fundamental drives of exports were segregated in different ministries and across provinces. He further noted that to maintain a coherent policy framework to support an export strategy, trade and industry related policies should be handled in an integrated manner with the ministry of commerce.
In 2013-14, for the first time exports crossed the $25 billion mark. Globally, the engineering exports account for more than 50 percent of the world trade whereas; in Pakistan it is only 1 percent.
He proposed massive reforms to create enabling business environment including investment, competition and institution to provide competitive access to infrastructure providing efficient supply of goods to destination markets and ensuring product quality and sanitization standards.
