The Economic Co-ordination Committee (ECC) has allowed the import of cotton, yarn and sugar from India.
A meeting of the Cabinet Economic Coordination Committee was held under the chairmanship of Federal Minister for Finance Hamad Azhar in which a 21-point agenda was considered during the ECC meeting.
He further said that the sugar will be imported by the private sector.
Addressing a presser at the Press Information Department (PID) this afternoon, Azhar said, “Pakistan will also open the trade of cotton with India.”
He added that the government has to make tough decisions for the country in view of a given situation.
“The basis of our decisions will be the interest of the country and its people, he maintained.”
“The price of the commodity in India is lower than what it is in Pakistan and this is the reason behind the decision,” Azhar explained.
Regarding the import of cotton, the minister said, “The import of cotton from India for small industries will take place until the month of June.”
“In comparison, there’s a Rs15 to Rs20 difference in the price of sugar in the two countries.”
The minister added that all government departments were working in coordination to provide subsidies to the masses.
The government will also release sukuk bond, he said, but declined to issue a release date as of now.
“Pakistan is witnessing stability in the current account deficit and foreign exchange reserves,” he observed.
Regarding his appointment, he said that he will remain in contact with the members of the Parliament.