Ministry of Commerce (Pakistan)

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Ministry of Commerce
وزارت تجارت
Agency overview
FormedAugust 14, 1973; 51 years ago (1973-08-14)
JurisdictionGovernment of Pakistan
HeadquartersBlock - A, Pak Secretariat, Red Zone, Islamabad
33°44′13.61″N 73°05′36.29″E / 33.7371139°N 73.0934139°E / 33.7371139; 73.0934139
Minister responsible
Agency executive
Websitecommerce.gov.pk

The Ministry of Commerce (Urdu: وزارت تجارت); abbreviated as MoCom), is a Cabinet-level ministry of the Government of Pakistan concerned with economic growth and commerce development and promotion in Pakistan. The administrative head of the ministry is the Commerce Secretary of Pakistan, presently Muhammad Sualeh Ahmad Faruqi. The political head, Minister of Commerce, is required to be the member of Parliament.[1]

Departments

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State Life Insurance Corporation

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Main article: State Life Insurance Corporation of Pakistan

State Life Insurance Corporation of Pakistan in the state owned life insurance company. It was formed in 1972 when life insurance business in Pakistan was nationalized and 32 life insurance companies were merged and consolidated.[2]

Trading Corporation of Pakistan

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Main article: Trading Corporation of Pakistan

Trading Corporation of Pakistan (TCP) is the principal trading arm of the Government of Pakistan. Established as an international trading house in 1967, the corporation has gradually moved from barter, through commodity exchange to cash trade. TCP undertakes import of essential commodities to help ensure their availability to the common man at affordable prices.[3]

Trade Development Authority

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Main article: Trade Development Authority of Pakistan

The Trade Development Authority of Pakistan (TDAP) was established in 2006. TDAP is the successor organization to the Export Promotion Bureau (EPB) and is mandated to have a holistic view of global trade development rather than only the ‘export promotion’ perspective of its predecessor. It is designated as the premier trade organization of the country.[4]

National Tariff Commission

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The National Tariff Commission (Urdu: قومی ماموریہ برائے درآمدی محصول, abbreviated at NTC) advises the Government of Pakistan on tariff measures or other form of assistance to provide protection to indigenous industry and promoting exports. Measures to counter dumping and other unfair measures adopted in respect of import and sale of foreign goods in Pakistan.[5][6]

Pakistan Institute of Trade and Development

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Pakistan Institute of Trade and Development, formerly Foreign Trade Institute of Pakistan (FTIP) was created in 1989 to provide specialized trainings to officers of Commerce and Trade Group.

In 2009 the institute was restructured and it now acts as policy Think Tank also and training center on International trade.[7]

Pakistan Tobacco Board

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Main article: Pakistan Tobacco Board

Pakistan Tobacco Board (PTB) is a statutory semi-autonomous department of Government of Pakistan under Ministry of Commerce. Pakistan Tobacco Board oversees the promotion of the cultivation, manufacture and export of tobacco and tobacco products in Pakistan.[8]

Pakistan Reinsurance Company

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Pakistan Reinsurance Company Limited (PRCL) is a public sector company under the administrative control of the Ministry of Commerce is the sole reinsurance organization operating in Pakistan..Formerly called the Pakistan Insurance Corporation, Pakistan Reinsurance Company Limited was established in 1952.[9]

PRCL's Role in Economic Development

The role of PRCL in economic development of Pakistan is significant. PRCL awareness of increasing requirements of insurance and reinsurance of a progressive economy is making great efforts in coming up to national expectations. This progress signifies the consolidation of the position, both at home and abroad, encouraging further expansion.

International Cooperation/ Business Relations

PRCL is actively collaborating and participating with its international counterparts in the field of insurance and reinsurance. This is being achieved under the aegis of Economic Cooperation Organization (ECO) with the object of reducing the outflow of Foreign Exchange and improving the standard of insurance and reinsurance services in the region. PRCL has been one of the pioneers and founder members of the Federation of Afro-Asian Insurers and Reinsurers (FAIR).

National Insurance Company Limited

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National Insurance Company Limited (NICL) was established in 1976 to provide insurance cover to the Government/Semi Government organizations. National Insurance Company Limited is 100% owned by Government of Pakistan and working under the administrative control of federal ministry of commerce.[10]

Pakistan Horticulture Development and Export Company

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Main article: Pakistan Horticulture Development and Export Company

Pakistan Horticulture Development & Export Board (PHDEC), an autonomous body under the administrative control of the Ministry of Commerce has been mandated with the development of the horticulture industry of Pakistan with a focus on exports. Its functions include the provision of improved marketing infrastructure like the establishment of agro-processing zones, cold chain system, processing plants for value-added products. The implementation arrangements are preferably under the public-private partnership (PPP) modality with a clear exit strategy. PHDEC envisions the vitalization of a dynamic and market-driven horticulture sector, which is resilient, sustainable and responsive to meet the challenges of globalization[11][12]

Directorate General of Trade Organizations

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Directorate General of Trade Organisations is working as an attached department of Ministry of Commerce. It was established in 2007. The core function of this Directorate is to process the applications for grant of licenses and registration of trade bodies. It also oversees the elections and results of Office Bearers and executive committee members of trade bodies and ensures that Trade Organizations Act and Rules made there-under are being followed.[13][14]

Pakistan Institute of Fashion and Design

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Main article: Pakistan Institute of Fashion and Design

The Pakistan Institute of Fashion and Design, commonly referred to as PIFD, (formerly known as Pakistan School of Fashion Design) is a design institute specialising in design education. It offers a four-year course of study leading to a bachelor's degree.[15]

List of Commerce Ministers of Pakistan

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Name of Commerce Minister Entered Office Left
Faisal Saleh Hayat December 2, 1988 August 6, 1990
Assef Ahmad Ali November 6, 1990 July 18, 1993
Ahmad Mukhtar October 19, 1993 November 5, 1996
Ishaq Dar February 17, 1997 October 12, 1999
Humayun Akhtar Khan November 23, 2002 November 15, 2007
Shahid Khaqan Abbasi March 31, 2008 May 12, 2008
Makhdoom Ameen Faheem November 3, 2008 March 16, 2013
Khurram Dastgir Khan January 7, 2014 July 28, 2017
Muhammad Pervaiz Malik August 4, 2017 31 May 2018
Mian Misbah-ur-Rehman (Caretaker Capacity) June 27. 2018 18 August, 2018
Abdul Razak Dawood as Advisor with status of federal minister 20 August 2018 10 April 2022
Naveed Qamar 19 April 2022 10 August 2023
Gohar Ejaz (caretaker capacity) 17 August 2023

See also

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References

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  1. ^ "Pakistan inked participation contract with UAE for Expo 2020". 29 October 2018.
  2. ^ "State Life — Corporate Profile". Archived from the original on 2014-07-21. Retrieved 2014-07-15.
  3. ^ "Trading Corporation of Pakistan - Chairman Message". Archived from the original on 2014-07-15. Retrieved 2014-07-14.
  4. ^ "About TDAP". www.tdap.gov.pk. Archived from the original on 2014-07-20. Retrieved 2014-07-14.
  5. ^ "NATIONAL TARIFF COMMISSION (NTC) « Executive Updating Service". Archived from the original on 2014-07-15. Retrieved 2014-07-14.
  6. ^ "? 2005 National Tariff Commission". www.ntc.gov.pk. Archived from the original on 25 September 2006. Retrieved 22 May 2022.
  7. ^ "Pakistan Institute of Trade And Development". www.pitad.org.pk. Archived from the original on 2014-05-29. Retrieved 2014-07-15.
  8. ^ "-*-Pakistan Tobacco Board-*-". Archived from the original on 2014-07-28. Retrieved 2014-07-15.
  9. ^ Administrator. "Pakistan Reinsurance Company Limited - Company Profile". www.pakre.org.pk. Archived from the original on 2014-05-30. Retrieved 2014-07-15.
  10. ^ "National Insurance Company Limited". www.nicl.com.pk. Archived from the original on 2014-07-16. Retrieved 2014-07-15.
  11. ^ "PHDEC achieves another milestone in export history". Nation.com.pk. 2011-07-27. Archived from the original on 2017-06-22. Retrieved 2018-08-15.
  12. ^ "Pakistan Horticulture Development & Export Company is under construction". www.phdec.org.pk. Archived from the original on 2014-06-27. Retrieved 2014-07-15.
  13. ^ "Directorate General of Trade Organisations". Dgto.gov.pk. 2014-06-20. Archived from the original on 2018-08-15. Retrieved 2018-08-15.
  14. ^ "Directorate General of Trade Organisations". www.dgto.gov.pk.
  15. ^ "Pakistan Institute of Fashion and Design". Archived from the original on 2014-07-17. Retrieved 2014-07-15.
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