ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet has approved the Textile and Apparel Policy, 2020-25 as well as Auto Industry Development and Export Policy (AIDEP), 2021-26.
The meeting, presided over by Minister for Economic Affairs Division, Omar Ayub Khan Thursday, on a summary moved by the Ministry of Commerce approved the Textile and Apparel Policy 2020-25 with directions to incorporate inputs of the FBR and the Finance Division and meet the observations of the Power Division.
On a summary moved by the Ministry of Industries and Production, the ECC also approved the AIDEP 2021-26, with directions that export targets given in the policy may be reviewed every year and updated accordingly, and proposed tariff structure to be presented separately to the ECC.
The Ministry of Energy’s summary with regard to retargeting of power sector subsidies phase-II that included removal of one slab benefit (incremental block tariff) and incorporation of revised subsidy and inter-distribution companies’ tariff rationalisation/cross subsidies was also approved by the meeting.
The ECC also recommended the summary tabled by the Finance Division for enhancement of ways and means limit of the Khyber-Pakhtunkhwa government from Rs27 billion to Rs31.3 billion due to the impact of wage bill of erstwhile Fata and the Ministry of Industries and Production summary for endorsement of the decision of the committee constituted by the ECC of the Cabinet on scrapping of the tenders floated by the TCP in respect of import of sugar.
MoC to submit new textile and apparel policy to ECC
On the recommendation of the technical advisory sub-committee, the ECC approved the summary tabled by the Ministry of Industries and Production on revised gas supply priority order to the fertiliser sector.
System gas supplies will be ensured to these plants during the current Rabi season 2021-22 ensuring immediate availability of urea fertiliser and saving of foreign exchange in case of import of urea from abroad.
After detailed discussion, the ECC also approved the summary tabled by Ministry of Industry and Production on AIDEP 2021-26, with the directions that export targets given in the policy may be reviewed every year and updated accordingly and proposed tariff structure to be presented separately to the ECC.
On the recommendations of the Technical Advisory Sub-Committee, the ECC also approved the following Technical Supplementary Grants: The ECC approved technical supplementary grant of Rs2,650.968 million in favour of the Ministry of Housing and Works for execution of development schemes in the province of Sindh and Balochistan under SAP, supplementary grant/technical supplementary grant in favour of Ministry of Energy for payment of first Installment (40 percent) to IPPS of 2002 under payment mechanism, Rs2 billion for Ministry of Information and Broadcasting amounting to launch comprehensive media campaign on government initiatives, programmes and projects.
The ECC deferred a summary tabled by the Ministry of National Food Security and Research for notification of minimum indicative price of Tobacco Crop 2022 with the directions that a committee may be formed to address the observations of stakeholders and present the proposal in the next meeting after detail revision.
Earlier, Adviser to the Prime Minister on Finance and Revenue, Shaukat Tarin, presided over the meeting of Technical Advisory Sub-Committee. The TASC reviewed the summaries in details and presented its recommendations to the ECC for its consideration.
The ECC meeting was attended by Adviser to the PM on Finance and Revenue Shaukat Tarin, Minister for Industries and Production Khusro Bakhtyar, Minister for Energy Hammad Azhar, Minister for Railways Azam Khan Swati, Minister for Interior Sheikh Rashid Ahmed, Federal Minister for National Food Security and Research Syed Fakhar Imam, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood, Minister of State for Information and Broadcasting Farrukh Habib, Governor State Bank of Pakistan (SBP), respective federal secretaries, and other senior government officers.
Copyright Business Recorder, 2021