The Economic Coordination Board (ECC) on Wednesday allowed the private sector to import 0.5 million tonnes of white sugar from India, Finance Preacher Hammad Azhar claimed.
The financing minister included that the country will additionally import cotton from India starting from end-June this year.
Addressing an interview in Islamabad, Azhar claimed that the ECC additionally made a decision to decrease the costs of fuel and also diesel mentioning reduced rates in the international market. The rate of gasoline was minimized by Rs1 per litre while the price of diesel was minimized by Rs3 per litre, he shared.
An additional decision taken by the ECC throughout its conference was to fix the minimum support rate for wheat at Rs1,800 per 40 kg which Azhar labelled as a “alleviation for our farmer siblings”.
The minister claimed sugar trade was being re-opened with India this year as a result of the difference in rates in the adjoining nation.
” We have allowed the import of sugar yet in the remainder of the globe too, sugar prices are high as a result of which imports are not feasible. But in our neighbouring nation, India, the prices of sugar are a lot less as contrasted to Pakistan so we have made a decision to reopen sugar trade with India as much as 0.5 million tonnes for the private sector.”
There were 21 items on the agenda of the ECC conference to be chaired by the recently selected finance preacher.
Commerce and Textile divisions had submitted 5 important summaries for approval besides others, sources had actually previously informed Dawn.
At the agenda no. 16, the Textile Department recap looked for permission from the ECC to lift ban on import of cotton and also cotton thread from India in a quote to bridge resources deficiency for the value-added fabric field.
Along with this, an additional summary of the commerce ministry at program no. 20 likewise sought permission to allow import of white sugar from India via the Trading Firm of Pakistan and industrial importers.
The resumption of import of these goods will result in partial revival of trade relations. On Aug 9, 2019 Pakistan devalued trade relationships with India in response to the latter’s decision to withdraw Write-up 370 of its Constitution that provided occupied Kashmir an unique status.
In May 2020, Pakistan lifted the restriction on import of medicines and raw material from India to make sure there is no lack of necessary drugs amid the Covid-19 pandemic. This was the first step of reversing of total suspension of trade with India.
Formerly, cotton, yarn as well as sugar imports were permitted from all countries other than India.
Head Of State Imran Khan, who is also Minister-in-Charge of Commerce as well as Textile, has currently authorized the recaps to be positioned prior to the ECC for authorization. It suggests that the prime minister is currently on behalf of lifting the ban on these products imports from India.