Islamabad: Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division- 28 July 2022.
The Economic Coordination Committee (ECC) of the cabinet Thursday lifted the ban on imported goods in the wake of the substantial decrease in imports.
Finance Minister Miftah Ismail presided over the meeting at Finance Division. The Ministry of Commerce submitted a summary on the prohibition on the import of non-essential and luxury items.
It said that a review meeting was also held to review the ban after two months owing to serious concerns raised by major trading partners on the imposition of the ban and considering the fact that the ban has impacted supply chains and the domestic retail industry.
In the light of the fact that imports have reduced substantially due to efforts of the government, the ECC decided to lift the ban on imported goods except for completely built-up (CBU) automobiles, mobiles, and home appliances.
The committee further approved the clearing of held-up consignments (except items that still remain in the banned category) which arrived at the ports after July 1, 2022, subject to payment of a 25 percent surcharge.
The Ministry of National Food Security and Research submitted a summary on urgent advice relating to the award of the 4th International Wheat Tender 2022. The committee after a detailed discussion approved the lowest bid offered by M/s Falconbridge FZ LLC with direction to Trading Corporation of Pakistan to negotiate with the Russian authorities to procure wheat at a lower rate subject to confirmation of the ECC.
The Ministry of Industries and Production submitted a summary on issues faced by Fatima Fertilizer Company Limited (Sheikhupura Plant) and Agritech Limited. The committee after discussion approved the proposal to ensure compliance with the earlier decision of the ECC and the federal cabinet of shifting both the plants to indigenous gas.
It further directed the relevant ministries to work out the gas price/ variable contribution margin (VCM) for the fertilizers. It also decided that sales tax may be charged on the actual price of the gas being paid by the company.
Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for National Food Security and Research Chaudhary Tariq Bashir Cheema, Shahid Khaqan Abbasi, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, and Minister of State for Petroleum Musadik Masood Malik also attended the meeting.
