ISLAMABAD: A meeting of the Economic Coordination Committee (ECC) of the Cabinet has allowed import of 50,000 metric ton urea on government-to-government basis from China on an urgent basis, subject to clearance from the Pakistan Standards and Quality Control Authority (PSQCA).

The meeting presided over by Federal Minister for Finance and Revenue Shaukat Tarin was presented a summary by the Ministry of Industries and Production for the import of urea from China by the Trading Corporation of Pakistan (TCP).

The ECC after deliberation allowed import of 50,000 metric tons urea on government-to-government basis from China on an immediate basis, subject to clearance from the PSQCA.

The TCP was also tasked to negotiate price with Chinese supplier authorised by the government of China for further import of urea.

An official said that the ECC in view of demand and supply of fertiliser in the country has decided to import fertiliser as soon as possible to meet the rising demand and to maintain stability in prices.

CS tells farmers: Shortage of urea fertilizer has caused panic buying

The Ministry of Commerce submitted a summary for rationalisation of tariff on import of vehicles and other items requested by the MOIP and other sectors.

The meeting discussed the summary in detail and approved recommendations of the Tariff Policy Board with some modifications.

An official said that the proposed Regulatory Duty (RD) in the summary of the Commerce Division on some items was increased, while on some items it was decreased.

The meeting also decided to review some recommendations relating to the automotive sector after six months.

The ECC also approved requests of Technical Supplementary Grants presented by the Petroleum Division and the Finance Division.

The request of the Power Division for TSG was also approved subject to reconciliation with the Finance Division.

Federal Minister for National Food Security and Research Fakhar Imam, Federal Minister for Industries and Production Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Federal Minister for Privatisation Muhammed mian Soomro, Federal Minister for Water Resources Chaudhry Moonis Elahi, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood, federal secretaries, and senior officers attended the meeting.