Open LCs, resolve issues at ports: Qamar

Federal Minister of Commerce Syed Naveed Qamar on Monday emphasised on formulating a mechanism to resolve the problem of the goods stranded at the ports.

The meeting, held on Monday at the Karachi Port Trust (KPT) head office, was chaired by the commerce minister and co-chaired by Federal Minister Maritime Affairs Faisal Sabzwari, said a press release. During the meeting, the minister also stressed on taking steps to open commercial Letters of Credit (LCs) to facilitate the business community; to promote trade, effectively implement policies to increase exports, reduce the country’s current account deficit and provide a better regulatory environment for economic growth to be implemented.

The meeting was attended by top officials of the Commerce Ministry, Customs, State Bank of Pakistan (SBP), Ports and other stakeholders to review the situation in order to facilitate importers in terms of detention and other levies and expeditious clearance.