ECC greenlights tariff rationalization and wheat import plans to bolster trade

ECC greenlights tariff rationalization and wheat import plans to bolster trade

ISLAMABAD, FEB 13 /DNA/ – The Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister for Privatization and Inter Provincial Coordination Fawad Hasan Fawad, Minister for Interior, Commerce & Industries Mr. Gohar Ejaz,  Minister for Energy and Petroleum Division Mr. Mohammad Ali, Minister for Planning, Development and Special Initiatives Mr. Sami Saeed,  Minister of Maritime Affairs, Communication and Railways Mr. Shahid Ashraf Tarar, Deputy Chairman Planning Commission Dr. Muhammad Jehanzaeb Khan, Advisor to PM on Finance Dr. Waqar Masood, Federal Secretaries, and other senior government officers of the relevant ministries.

A summary of Ministry of Commerce (Tariff Policy Wing), regarding “Individual Tariff Rationalization Proposals from Different Sectors for Review of Custom Duties” was discussed in the committee. The forum after deliberations approved the proposal and r advised that tariff rationalization should be coordinated with the trade policy

A proposal regarding “Permission to Import Wheat and Export of Wheat Flour under Export Facilitation Scheme 2021” was presented to the forum by Ministry of Commerce. The ECC approved the proposal and directed the relevant Ministries to prepare comprehensive proposals for enhancing the opportunities for valued added exports.

The ECC also approved a summary of Power Division regarding “Commissioning of 1263 MW CCPP Punjab Thermal Power (Pvt) Limited, Jhang (PPTL)”.

Another proposal of Ministry of Commerce regarding “Sharing of Subsidy on Imported Urea at 50:50 Basis Technical Supplementary Grant for Ministry of Commerce” was considered by the Committee. ECC approved the proposed release of Rs. 6 billion to Ministry of Commerce. The funds are meant for clearing the arrears of subsidy for the previous financial year. It was clarified that no subsidy on this account has been allowed by the government during the current year. The ECC also directed that the Provincial Governments be approached to clear their respective arrears of subsidy on urea.

The Ministry of Planning, Development & Special Initiatives briefed the ECC on the inflation situation in the country. The forum directed Ministry of PD&SI to make sure that detailed analysis is carried out on the data collected by PBS, and the same is also presented to the Committee for taking appropriate measures in a timely manner.

In order to provide relief to general public during Ramazan, the Economic Coordination Committee approved the proposed Ramazan Relief Package-2024, for provision of subsidy to the targeted beneficiaries of BISP with the net amount of Rs. 7,492.75 million, which is provided for in the budget for 2023-24.