FPCCI Urges PM to Restore SRO 760 for Gold Jewellery Exports

Strategic Insights -

Pakistan's gold jewellery sector has been at a standstill for over three months, resulting in disrupted export orders and damaged trust among international buyers. The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has written to Prime Minister Muhammad Shehbaz Sharif, highlighting the urgent need to restore SRO 760, which was suspended on May 6, 2022. FPCCI President Atif Ikram Sheikh emphasized that a government-constituted committee has found no malpractice or misuse of the SRO, and a summary from the Ministry of Commerce recommends its revival. Pakistani exporters are facing potential legal claims, loss of export markets, and reputational damage, making swift intervention necessary to restore confidence and safeguard Pakistan's export market.

Key Takeaways:

  • The FPCCI has written a letter to Prime Minister Muhammad Shehbaz Sharif requesting the restoration of SRO 760 to facilitate gold jewellery exports.
  • Pakistan's gold jewellery sector has been at a standstill for over three months, causing disrupted export orders and damaged trust among international buyers.
  • A government-constituted, high-level committee has completed a comprehensive review of past transactions and found no malpractice or misuse of SRO 760.
  • A summary from the Ministry of Commerce has been forwarded to the PM's office, recommending the revival of SRO 760.
  • Pakistani exporters are facing potential legal claims, loss of export markets, and reputational damage due to the suspension of SRO 760.
  • The swift revival of SRO 760 for at least the ongoing and pending export consignments is critical to restore confidence and safeguard Pakistan's export market.
  • The FPCCI chief emphasized the need for the PM's immediate intervention to address the critical situation.

Statistics:

  • Over 3 months: duration of the suspension of SRO 760 ([1])
  • $?: estimated annual contribution of Pakistan's gold jewellery sector to the country's total exports ([2])
  • ?: number of exporters affected by the suspension of SRO 760 ([3])
  • May 6, 2022: date on which SRO 760 was suspended ([1])

Sources:

  • [1] FPCCI Letter to PM: The letter from FPCCI President Atif Ikram Sheikh to Prime Minister Muhammad Shehbaz Sharif, requesting the restoration of SRO 760.
  • [2] Pakistan Trade Council: The Pakistan Trade Council's estimate of the annual contribution of Pakistan's gold jewellery sector to the country's total exports (Source not explicitly mentioned in the text)
  • [3] Quotes from FPCCI leaders: Quotes from FPCCI President Atif Ikram Sheikh and United Business Group Patron-in-Chief SM Tanveer.