ISLAMABAD: The Economic Coordination Committee (ECC) which is scheduled to meet on Friday (Oct 24) is to approve amendments to Import Policy Order (IPO) to streamline Pre-Shipment Inspection (PSI) regime.
The ECC is also expected to approve amendment procedure for import of vehicles under the personal baggage, transfer of residence and gift schemes (appendix –E IPO 2023).
The purpose of this amendment in IPO was to do away with three year used cars under personal baggage and gift schemes which is being misused by importers.
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However, transfer of residence scheme will continue to facilitate Overseas Pakistanis who want to bring their vehicles along with their luggage at the time of shifting back to Pakistan.
According to sources, the government has already acquired approval from the International Monetary Fund (IMF) during its recent mission.
The government has already allowed commercial import of five-year old used vehicles despite stiff resistance from local assemblers.
The ECC will also approve resumption of gold trade on the recommendations of a Committee through restoration of SRO 760(1) 2013.
The Commerce Ministry has also proposed that the three-month suspension period of SRO 760 be condoned to protect commercial commitments of gold traders made during that time.
According to sources, the Ministry has recommended linking gold trade with a robust verification mechanism to prevent the recurrence of such regulatory uncertainty in the future.
The ECC will also approve Technical Supplementary Grants (TSGs) for establishment of PMSTP of Pak Navy/Defence services, during CFY 2025-26.
The ECC will also approve remittance of AED 45 million for liquidation of Frontier Works Organisation (FWO) Civil Contracting LLC UAE.
The ECC will also consider a proposal of Ministry of Communication for TSG amounting to Rs 10.983 billion for clearing liabilities of companies/agency partners of PPOD.
Copyright Business Recorder, 2025
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