ECC allows import of cotton, sugar from India

ISLAMABAD: In what is being dubbed as a step towards revival of trade between the nuclear-armed neighbours, the Economic Coordination Committee (ECC) on Wednesday gave a go-ahead to the import of cotton yarn and sugar from India.

Addressing a press conference after chairing a meeting of the ECC, Finance Minister Hammad Azhar said the committee allowed the private sector to import half a million tonnes of sugar from India.

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Beside sugar, he said the ban on the import of cotton from the neighbouring country is being removed until June-end.

“Pakistan decided to import sugar from India to plug the shortage of the commodity and stabilise its prices,” Hammad Azhar explained. “Sugar to be imported from the neighboring country will be Rs15 to 20 cheaper.”

He said the minimum support price of wheat has been fixed at Rs1,800 in order to provide relief to farmers.

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“I will keep interacting with people since I am an elected representative,” the newly appointed finance minister said. “Our policies will be based on the welfare and well-being of Pakistan and its people,” he reiterated.

The minister pointed out that the country’s primary account and current account deficits have turned into surplus. Pakistan’s foreign currency reserves hovered around $8 billion to $9 billion when the PTI came to power, he said, adding the incumbent government has so far pumped $8 billion into the reserves.

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