MFN status for India to be announced in December 2012: NA told
Minister of state for commerce senator Abbas Afridi has told National Assembly that the decision to accord Most Favorable Nation (MFN) status to India has been taken which will be announced in December 2012.
He told the NA during question hour Friday that Pakistan would be able to realize enormous dividends through trade with neighboring country India. A larger trade market will become available for Pakistan food items in the form of India, he hoped. Local industry in the country will acquire cheap raw material from India, he added.
He went on to say that China was the biggest trade partner of Pakistan at present as volume of bilateral trade between Pakistan and China stood at over 7.42 billion dollars in the finan- cial year of 2011-12.
Pakistani exports to US remained maximum as our exports touched the mark of 4 billion dollars, he pointed out. US imports to Pakistan rose to the volume of 1.81 billion dollars, he added.
Replying to a question Abbas Afridi told Pakistan imported surgical instruments amounting to Rs 158 million during the fiscal year 2011-12 and exports of surgical instruments from Pakistan grew by 17 percent as compared to previous year.
Import of surgical instruments is being banned in the light of federal cabinet decision, he stated. National exports have surged by 33 percent increasing from 17 billion dollars to 24 billion dollars during the tenure of incumbent government, he said.
To a question‚ Parliamentary Secretary for Railways Shaikh Nauman Islam told the House that the year wise deficit of Pakistan Railways increased during the last four years and a number of steps have been taken to control the deficit. He said the payment of four Chinese loans and interest from 2011-12 onwards have been transferred to Economic Affairs Division that will decrease the debt to revenue account and decrease the loss of Pakistan Railways.
Shaikh Nauman Islam said work on a project “Special Repair of 150 running locomotives” and a separate programme of repair of 96 locomotives are also underway that will decrease the loss of Pakistan Railways. Replying to a question‚ Minister of State for Foreign Affairs Nawabzada Malik Ammad Khan said that Pakistan and United States are working for greater engagements at political‚ economic and military plans that will help to review our mutual confidence to move forward.
He said Pakistan is taking all possible steps to have relationship with the US based on mutual respect and understanding in pursuit of our national goals and objectives. Law Minister Farooq H. Naek introduced “The Equity Participation Fund (Repeal) Bill‚ 2012” in the House. The bill repeals the Equity Participation Fund Ordinance‚ 1970. Two reports were laid before the House on Friday.
Law Minister Farooq H. Naek laid before the House the Annual Report of the Competition Commission of Pakistan certified by the auditors by for the financial year ended on the 30th June‚ 2011 together with the statement of accounts certified by the auditors and the auditors’ report.