ISLAMABAD: The National Assembly Standing Committee, led by Chairman Jawed Hanif Khan, has initiated a formal inquiry into the sharp rise in sugar prices across Pakistan. During a meeting on Monday, the committee resolved to examine the entire cycle of sugar exports and subsequent duty- and tax-free imports, aiming to identify those who financially benefited from the crisis.
Chairman Hanif called the sugar price spike “suspicious,” adding that legal action should follow if wrongdoing is found. A sub-committee has been constituted to probe the issue in depth, particularly the role of various stakeholders, including politicians, bureaucrats, and the sugar industry.
The Pakistan Sugar Mills Association (PSMA) had earlier agreed to an ex-mill price of Rs165 per kg, according to the Ministry of Commerce, which presented a follow-up on earlier committee recommendations.
In the same session, the Ministry of Commerce outlined its draft Trade Policy, setting an ambitious export target of $60 billion by 2029. However, the proposal was met with skepticism. PML(N) MNA Shaista Pervaiz Malik criticized the plan, citing high energy costs and limited industrial output. Director General Shafiq A. Shehzad conceded that previous export targets were rarely met but pointed to a recent $5 billion annual growth.
The Ministry flagged key obstacles to trade growth, including reduced crop yields, global trade disruptions, U.S. tariffs, and limited export financing. Officials highlighted ongoing discussions with U.S. counterparts to resolve tariff issues.
The committee also addressed car import regulations and upheld recommendations requiring the Trading Corporation of Pakistan (TCP) to undergo a special audit of its bank loans, rejecting its request for exemption.
