ISLAMABAD: A proposal of the Financial Coordination Committee (ECC) to import cotton yarn and sugar from India was rejected by the Federal Cupboard on Thursday, sourced informed Geo Information.
The abstract was taken up within the cupboard assembly chaired by Prime Minister Imran Khan in Islamabad, hours after Minister for Human Rights Shireen Mazari stated cupboard will evaluation the ECC’s choices associated to commerce with India.
Taking to Twitter, the minister had stated it is just after the cupboard’s approval that the choice shall be thought-about “accepted by the federal government”.
“Only for the report — All ECC choices need to be accepted by cupboard & solely then they are often seen as ‘accepted by govt’! So at this time within the cupboard there shall be a dialogue on ECC choices together with commerce with India after which the federal government determination shall be taken! The media ought to concentrate on this a minimum of!” Mazari wrote in a tweet.
Yesterday, Federal Finance Minister Hammad Azhar had introduced the federal government’s intention to import sugar and cotton from India.
The choice was seen as an vital milestone within the slowly warming ties between the 2 neighbouring international locations.
The minister, in his first press convention since being given the finance portfolio, had spoken in regards to the excessive costs of sugar in Pakistan, noting that the federal government had allowed sugar to be imported from different international locations, however the worth of the commodity within the provider international locations had risen significantly.
“Nonetheless, in our neighbouring nation India, the value of sugar is sort of low-cost,” he stated. “Therefore, we have now determined to renew sugar commerce with India”.
He had stated the measure would assist deliver down sugar costs in Pakistan and supply aid to the poor.
Azhar had stated the demand for cotton in Pakistan was additionally growing and the nation wanted the commodity in a big quantity. He stated Pakistan had not produced high quality cotton final 12 months therefore it had given the inexperienced sign for it to be imported from different international locations across the globe.
“Nonetheless, the import of cotton from India was banned and this had a direct impact on our SMEs,” he stated.
“On the suggestion of the Ministry of Commerce, we have now additionally determined to renew the commerce of cotton with India,” he had stated.