Islamabad: The Senate Standing Committee on Commerce has approved amendments to trade remedy laws, empowering the National Tariff Commission (NTC) to conduct investigations into unfair trade practices in an unhindered way.
The amendments will shortly be placed before the Senate for approval, and subsequently sent to the National Assembly.
Trade remedy laws were implemented through a presidential ordinance for four months.
The focus of the amendments was on up-gradation of entire system for settlement of trade remedy disputes to provide relief to businesses. There were serious concerns of the domestic industry against the previous trade remedy laws. Now a balance in the laws has been created to the benefit of both importers and manufacturers.
Established in 1990, the NTC enjoyed limited powers and scope for protecting the domestic industry against unfair trade practices.
Islamabad pursued free trade at multilateral and bilateral levels, but it ignored WTO-compliant trade remedy laws, which allow anti-dumping, countervailing and safeguard duties to counter surge in imports, especially because of free trade agreements (FTAs).
As per amendments, clauses have been created on conflict of interest, disclosure, disqualification and removal and powers of NTC to access information.
Moreover, changes were made in anti-dumping law and countervailing duty law to reflect best practices in world trade.
Appellate tribunal has been empowered with enhanced jurisdiction, reflecting will of the domestic industry as well as problems faced by importers to provide relief and remedies.
The NTC has launched 77 investigations, and currently anti-dumping duties are being enforced in 45 cases.
Standing Committee Chairman Senator Shibli Faraz has included all the amendments in the laws. All the three laws will provide a level-playing field to domestic industry, he said.
The chairman also recommended the NTC to launch awareness programme in Balochistan regarding business opportunities and protections available under the laws.
Ilays Ahmad Bilour, Mufti Abdul Sattar, Mohammad Usman Khan, Saleem Mandviwala, Saifullah Khan Bangash, Secretary of Commerce Shahzad Arbab attended the meeting.
