The Economic Coordination Committee (ECC) has postponed the approval of Textile Policy 2020-25 till next week.
The policy in concern includes subsidies and lower rates on utilities as a means to offer incentives for higher production of textiles and clothing in the country.
A meeting of the Economic Coordination Committee chaired by Finance Minister, Abdul Hafeez Sheikh, was held here today.
The summaries related to the Textile and Apparel Policy (2020-25) and National Freight and Logistics Policy (NFLP) were deferred to next ECC for a comprehensive consultation process with key stakeholders. The next meeting is likely to be held next week.
Ministry of Commerce presented a summary regarding removal of additional 2 percent customs duties on 152 tariff lines, mostly raw material, on the horizontal basis under National Tariff Policy 2019-24. The ECC approved the summary with a direction that the budget cycle must be observed while planning important incentives for businesses & industries for smooth planning and subsequent implementation during the financial year.
Ministry of Maritime Affairs tabled a summary for awarding contract regarding infrastructure facilities, sewerage system and water supply system in Gulshan-e-Benazir Township Scheme (GBTS) at Port Qasim Authority, Karachi. The ECC approved the projects in conformity with the PQA Act-1973, in principle, and directed the Ministry of Maritime Affairs to settle the modalities for the award of contracts as per rules.
Ministry of National Food Security and Research presented a detailed summary regarding the provision of additional quantities of wheat to KPK, AJ&K and Utility Stores Corporations (USC). The Additional Secretary Ministry of National Food Security & Research (MoNFS&R) gave a detailed presentation regarding the availability of wheat stocks across the country.
The ECC also approved an additional wheat allocation of 200,000 MT for KPK 80,000 MT to AJ&K and 220,000 MT to USC from Pakistan Agricultural Storage & Services Corporation (PASSCO) as requested. ECC also approved the import of additional wheat to buffer up stocks till the arrival of the fresh crop after seeking detailed input from all concerned.
The meeting approved an additional supply of wheat to the utility stores of Khyber Pakhtunkhawa (KP) and Azad Kashmir.
The ECC approved the following Technical Supplementary Grants during the meeting:
- Rs. 30 million for the Ministry of Defence for the purchase of spare parts for Helicopters for the government of Khyber Pakhtunkhwa (KPK).
- Rs. 400.020 million for the Ministry of Law and Justice to establish additional courts in compliance with the orders of the Supreme Court; and
- Rs. 2.268 billion for the Higher Education Commission for completion of various Disbursement linked Indicators (DLIs) under the IDA credit facility.
Federal Minister for Interior Sheikh Rasheed Ahmed, Minister for Privatization Mohammad Mian Soomro, Minister for Planning, Development and Special Initiatives Asad Umar, Minister for Industries and Production Hammad Azhar, Adviser to the PM on Commerce Abdul Razak Dawood, SAPM on Revenue Dr. Waqar Masood, SAPM on Petroleum Nadeem Babar and Minister for National Food Security and Research Syed Fakhar Imam participated in the meeting. Governor State Bank of Pakistan Reza Baqir also participated through video link.