Tag: Commerce and Trade

  • Pakistan’s e-commerce market size increases to Rs96bn

    Pakistan’s e-commerce market size increases to Rs96bn

    Pakistan’s e-commerce marketing size has increased to Rs96 billion in the first quarter of the financial year 2021 as compared to Rs71 billion in the first quarter of the financial year 2020.

    This was informed during the fourth meeting of the National e-Commerce Council (NeCC), chaired by Abdul Razak Dawood, advisor to Prime Minister (PM) on commerce.

    NeCC is a body of representatives from the public and private sector, established under the National e-Commerce Policy approved by the cabinet in October 2019.

    According to officials, the NeCC discussed operationalisation of cross border e-commerce procedures, incentives to promote e-commerce, ways to introduce international payment services.

    Furthermore, deliberations on the mercantile stock exchange, digital on-boarding services, reports of the consultative committee on Women Economic Empowerment (WEE), e-commerce business facilitation portal, consumer protection councils, availability of broadband to remote areas, Trade Development Authority of Pakistan (TDAP) a digital transformation process, and collaboration with Small and Medium Enterprises Development Authority (SMEDA) on e-commerce related matters were also discussed.

    The Federal Board of Revenue (FBR) informed the meeting on the legal framework updates, including e-commerce rules regarding the mechanism of imports goods clearance, and return of goods policy.

    The State Bank of Pakistan (SBP) also gave a detailed presentation on efforts to promote cross-border e-commerce.

    The National Institutional Facilitation Technologies (NIFT) informed the meeting that they are developing a payment solution for cross border/international payments in collaboration with the SBP through which people outside of Pakistan will be able to pay through Paypal, Google Pay and Apple Pay. Payments within Pakistan will be processed through the help.

    NIFT said that the payment system was to become functional by the end of 2020 but the diversion of efforts towards COVID affected the plan badly.

    Meanwhile, the sub-committee on financial inclusion and digitization shared its progress of conducting three webinars for freelancers, mobile wallets, account-based solutions and card-based payments.

  • Power plants installed during PML-N’s tenure helped end power crisis, says Razak Dawood

    Abdul Razaq Dawood, advisor to Prime Minister (PM) for Commerce, Textile, Industry, Production and Investment gave credit to former prime minister (PM) Nawaz Sharif for ending power crisis in the country.

    He said that the power plants that had been set up during PML-N’s previous tenure under the China-Pakistan Economic Corridor (CPEC) have reduced power shortage.

    The adviser said that work on CPEC is going on in full swing adding that CPEC remains one of the top priorities of the Pakistan Tehreek-e-Insaf (PTI) government.

    He said that the next phase of CPEC will focus on the development of industries and agriculture in the country.

    “The IPPs which were set up under the 2002 Power Policy has now agreed to alter their existing contractual agreements and to ink new power purchase agreements,” says media reports.

    Earlier on Friday, to bring down the cost of electricity production and reduce circular debt, Prime Minister (PM) Imran Khan has signed a new agreement with the independent power producers (IPPs). A memorandum of understanding (MoU) containing 13 points was signed between the two parties.

    “I congratulate the nation because we are fixing the damaged structure we inherited in our power sector.”
    said Dawood.

    The prime minister promised that he would soon introduce a package that will focus on improving the distribution system by tackling line losses and theft.

    According to the MoU, the two parties have, in the larger national interest, voluntarily agreed to provide concessions.

    It was agreed that all projects will convert their contracts to a take-and-pay basis and until then, the existing take-or-pay will continue.