Steel bars ADD rise worried senate committee

• The Senate Standing Committee on Commerce voiced concern over the rise in anti-dumping duty (ADD) on steel bars.
• The committee was briefed by a senior official from the National Tariff Commission (NTC) on the commission’s role and budgetary proposals for fiscal year 2022-23.

ISLAMABAD: The Senate Standing Committee on Commerce voiced worry on Friday over the rise in anti-dumping duty (ADD) on steel bars, which has resulted in a hike in steel bar prices in the country.

The secretary of the Ministry of Commerce informed the committee, which was chaired by Senator Zeeshan Khanzada, that the ADD on steel bars will continue until September 2022. The price of one tonne steel bars has increased to Rs115,000 due to an increase in the ADD, which is hurting the entire country, according to Abdul Qadir.

The meeting was briefed by a senior official from the National Tariff Commission (NTC) on the commission’s role and budgetary proposals for the fiscal year 2022-23. She informed the meeting that there is no tax on 50% of the raw material. She stated that the ministry is working to reduce manufacturing costs.

Read More: German steel workers to strike as inflation squeezes pay

She stated that the forthcoming budget proposal includes a slab-by-slab reduction in custom duty (CD), regulatory duty (RD), and ACD.

She also stated that a reduction in tax on the agriculture component, which includes farm inputs and agricultural gear, has been proposed.

Senator Mushtaq Ahmed voiced public concern about the number of nations visited by the Secretary of Commerce and the costs associated with each tour, which was reviewed by the committee. Ahmed was pleased with the information provided by the Ministry of Commerce.

Read More: ICRC has decided not to reveal the list of POWs from the Azovstal steel plant

However, he highlighted grave concerns about Pakistan’s present trade deficit, arguing that the country should expand its trade with neighbouring nations such as Afghanistan, Iran, and the Central Asian Republics (CARS).

Senator Dilawar Khan highlighted the issue of Trade Corporation importing substandard wheat, which was discussed by the committee.

Senators Fida Muhammad, Saleem Mandviwalla, Mohammad Abdul Qadir, Mushtaq Ahmed, Muhammad Qasim, Special Secretary Ministry of Commerce, Chairperson (NTC), and other senior ministry officials were in attendance.

For the latest Business News Follow BOL News on Google News. Read more on Latest Business News on oldsite.bolnews.com