ISLAMABAD: Newly-appointed Finance Minister Hammad Azhar will chair a meeting of the Economic Coordination Committee (ECC) of the federal cabinet where summaries for approving the import of sugar and cotton from India will be discussed.
The Economic Coordination Committee (ECC) of the Cabinet will take up two summaries of the commerce and textile ministry to lift ban on import of cotton, cotton yarn and white sugar from India. There are 21 items on the agenda of the ECC meeting and will also discuss the strategic trade policy framework 2020-25.
The Commerce and Textile divisions have submitted five crucial summaries for approval besides others. The Textile Division has sought permission to lift ban on import of cotton and cotton yarn from India.
Another summary of the commerce ministry has also sought permission to allow import of white sugar from India through the Trading Corporation of Pakistan and commercial importers.
The commerce and textile ministry also submitted a summary on the Strategic Trade Policy Framework (STPF) 2020-25, which envisages over Rs1 trillion support for the textile and clothing sector. The ECC approval was also sought to register pink rock salt as a geographical indication by Pakistan.
There are also summaries regarding approval of technical supplementary grants for various divisions including federal education, housing, petroleum, atomic energy commission, national food security, privatization, law and justice, industries, power and aviation.
The committee is also expected to approve Rs2 billion grant for the low-cost housing scheme and restructuring in the PIA. A technical grant for petroleum ministry and educational grants including scholarships for community schools and students will also be approved in the meeting.
On August 9, 2019 Pakistan downgraded trade relations with India. Pakistan has allowed cotton, yarn and sugar imports from all countries except India.
In May 2020, Pakistan lifted the ban on import of medicines and raw material from India to ensure there is no shortage of essential drugs amid the Covid-19 pandemic. This was the first step of reversing of complete suspension of trade with India.
