ECC to review sugar, cotton imports from India

Following the rise in sugar prices in the country, preparations have been started to import sugar from neighboring India, meanwhile, a summary of importing cotton from the neighboring country has also been prepared.

As per details, the newly appointed Federal Finance Minister Hammad Azhar has been given the charge to head the Cabinet's Economic Coordination Committee (ECC). The Cabinet Economic Co-ordination Committee, chaired by Hammad Azhar, will meet on Wednesday (today).

As per details, a 21-point agenda will be considered in the meeting, a summary of permission to import cotton from India will be presented while a summary of sugar import will also be submitted for approval.

On Monday, PM’s Advisor on Commerce and Investment Abdul Razak Dawood got approval from Prime Minister Imran Khan to import cotton and yarn through land route (including India) to meet domestic demand and bring down the prices in the domestic market.

According to Dawood, a meeting was held with the Prime Minister to discuss escalating prices of cotton yarn in the country, adding that the prime minister was sympathetic towards the value-added sector and advised that in order to ease the pressure on yarn and keep momentum of value-added exports imports from India would be necessary.

Meanwhile, the ECC will also review the Strategic Trade Policy Framework 2020-25. It was learned that a summary will be submitted for the registration of geographical rights of Pink Rock Salt. A grant of Rs 2 billion from Prime Minister Imran Khan's low-cost housing scheme is also expected to be approved.

Furthermore, PIA restructuring summary will also be presented, whereas, the technical grant summary of the Ministry of Petroleum is expected to be approved as well.

Also included in the agenda, are summaries of grant for the Ministry of Education, including scholarships for community schools and students.