Open LCs, address difficulties at ports: According to Qamar, it is necessary to carry out the adoption of programs that will promote economic growth.
Syed Naveed Qamar, the federal minister of commerce, stressed the importance of creating a structure to address the issue of commodities sitting in ports on Monday in ISLAMABAD.
According to a news release, the meeting was conducted on Monday at the Karachi Port Trust (KPT) headquarters and was co-chaired by Federal Minister of Maritime Affairs Faisal Sabzwari. The minister emphasised opening commercial Letters of Credit (LCs) during the meeting in order to help the business community, promote trade, effectively implement policies to increase exports, reduce the nation’s current account deficit, and implement better regulatory framework for economic growth.
Top representatives from the Commerce Ministry, Customs, State Bank of Pakistan (SBP), Ports, and other interested parties attended the conference to examine the situation and determine how to best assist importers in terms of detention and other charges, as well as quick clearance.