TCP told to remain within import mandate.

ISLAMABAD -- The Senate Committee on Commerce has asked the Trading Corporation of Pakistan (TCP) - a state-owned company mainly responsible for exporting and importing commodities - to submit a categorical assurance that no imports would be made outside its mandate.

A committee meeting, presided over by Senator Zeeshan Khanzada on Thursday, recommended introducing the bifurcation of procurement plan into regular and emergency situations so that commodities could be imported at minimal rates.

Briefing the committee, the TCP chairman said the private sector imports of the commodities normally made by the TCP were not banned, but due to the exemption of taxes and heavy government subsidy available to the TCP, the private sector did not import these commodities.

He informed the committee that the TCP procured goods for food security and industries for urea and it mainly imported wheat, sugar and urea to respond to emergency situations.

The TCP chairman presented proposals to the committee for permanent exemption on limitations on splitting tenders, 30 days' response time, 15 days' hosting time before approval for inviting objections, matching bids, limitation on negotiations and 15 pc repeat per cap.

The committee was also briefed on the functioning of the TCP with a focus on its role in the post-flood scenario.

The TCP chairman said that the corporation was fully owned by the government and was financially independent, as it did not...