The government has approved a Rs 90 billion relief package for export industries. The Economic Coordination Committee (ECC) extended the PM’s Export Package, that would cost the treasury Rs 40 billion annually, for three more years. Furthermore, the committee reduced the electricity tariff by Rs 3 per unit that would cost the national exchequer an additional Rs 50 billion.
The cabinet further removed the non-tariff barriers that were imposed on imports from Afghanistan. The new move will be applicable mainly to agricultural products as bilateral trade between two countries is expected to increase.
Overall, the committee gave a go-ahead to following proposals;
The committee also granted permission to import up to five-year-old electric vehicles in a bid to shift towards renewable energy. The electric cars can be imported under personal baggage, transfer of residence, and gift schemes. Fuel-powered vehicles, on the hand, need to be no more than three years old.
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Another mega approval was given as the ECC lifted the restriction on sugar exports permanently. However, the government decided to remove the subsidy on sugar exports. The sugar prices in the domestic market might go up as the sugar export increases. The removal of subsidy on this export is expected to help regulate and control the domestic sugar price.
Via Tribune