Islamabad, Jan 19: The federal cabinet has unveiled a transformative restructuring plan for the Ministry of Commerce aimed at enhancing efficiency and boosting export growth.
Under this initiative, trade missions abroad will undergo stringent performance evaluations, with underperforming missions facing closure and high-performing ones receiving additional resources for further improvement.
These evaluations will be carried out by an independent third party every two years, with the first comprehensive report expected by February 28, 2025.
In another major decision, the Federal cabinet approved the privatization of key state-owned enterprises, including the State Life Insurance Corporation (SLIC), Pakistan Reinsurance Company Limited (PRCL), and National Insurance Company Limited (NICL). The Pakistan Expo Centre is set to become self-sustainable, with an actionable plan slated for submission by January 20.
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The government has ordered further evaluations for the Trading Corporation of Pakistan (TCP) and Garment City Companies to decide their future—privatization, public-private partnerships, or delegation to provincial authorities.
Similarly, the Trade Development Authority of Pakistan (TDAP) will undergo a third-party review to assess its role and potential restructuring.
The plan also includes significant organizational changes. The National Tariff Commission will see a 30% reduction in staff, while the Intellectual Property Rights Organization (IPO) will face a 40% workforce cut and a narrower operational focus.
In a bid to streamline operations, the Export Development Fund and the Pakistan Institute of Trade and Development will also undergo third-party reviews.
The government will restructure the Directorate General of Trade Organizations, cutting its workforce by 30% and redefining its operational responsibilities.
These reforms highlight the government’s commitment to improving the efficiency, financial sustainability, and alignment of commerce-related entities with Pakistan’s export-driven goals. The overhaul aims to create a leaner, more focused Ministry of Commerce that prioritizes results and maximizes resources for sustainable growth.
