Federal Cabinet Approves Rightsizing of Commerce Ministry

The federal cabinet has approved a comprehensive restructuring plan for the Ministry of Commerce. Under the decision, trade missions abroad with unsatisfactory performance will be closed while those contributing to export growth will be improved. Performance assessments will be conducted by a third party every two years, with the first report due by February 28, 2025, reported a national daily. The cabinet also approved the privatization of the State Life Insurance Corporation (SLIC), Pakistan Reinsurance Company Limited (PRCL), and National Insurance Company Limited (NICL). The Pakistan Expo Centre will be made self-reliant, with an implementation plan to be submitted by January 20. The Trading Corporation of Pakistan (TCP) and Garment City Companies will undergo third-party reviews to determine whether they should be privatized, operated under public-private partnerships, or handed over to provincial governments. A similar review will assess the Trade Development Authority of Pakistan (TDAP). The National Tariff Commission will continue with a reduced role, cutting its staff by 30 percent. The Intellectual Property Rights Institute (IPO) will also have its scope limited and 40 percent of its staff fired. The Trade Dispute Resolution Organization will remain operational for one year. The Textile Commissioners Organization will be abolished, while the Export Development Fund and the Pakistan Institute of Trade and Development will undergo third-party reviews. The Directorate General of Trade Organizations will be restructured with a 30 percent staff reduction and revised operational duties.