Inside Financial Markets
ECC approves 2% additional cut in customs duties on 152 tariff lines - Inside Financial Markets

ECC approves 2% additional cut in customs duties on 152 tariff lines

– Associated Press of Pakistan

The Economic Coordination Committee (ECC) of the cabinet Wednesday approved removal of additional 2 percent customs duties on 152 tariff lines, mostly raw material, on horizontal basis under National Tariff Policy 2019-24.

The bill was presented by the Ministry of Commerce before the ECC, meeting of which was chaired by Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh here.

The ECC approved the summary with a direction that budget cycle must be observed while planning important incentives for businesses and industries for smooth planning and subsequent implementation during the financial year.

Meanwhile, the ECC also approved in principle a summary tabled by ministry of Maritime Affairs for awarding contract regarding infrastructure facilities, sewerage system and water supply system in Gulshan-e-Benazir Township Scheme (GBTS) at Port Qasim Authority, Karachi.

The ECC approved the projects in conformity with the PQA Act-1973, in principle, and directed Ministry of Maritime Affairs to settle the modalities for the award of contracts as per rules.

Ministry of National Food Security and Research presented a detailed summary regarding provision of additional quantities of wheat to Khyber Pakhtunkhwa; Azad Jammu and Kashmir and Utility Stores Corporations (USC).

The Additional Secretary of the ministry gave a detailed presentation regarding availability of wheat stocks across the country.

The ECC approved additional wheat allocation of 200,000 MT for KPK 80,000 MT to AJ&K and 220,000 MT to USC from PASSCO as requested.

ECC also approved the import of additional wheat to buffer up stocks till the arrival of fresh crop after seeking detailed input from all concerned.

The summaries related to the Textile and Apparel Policy (2020-25) and National Freight and Logistics Policy (NFLP) were deferred to next ECC for comprehensive consultation process with key stakeholders.

ECC approved the technical supplementary grants including Rs30 million for the Ministry of Defence for the purchase of spare parts for Helicopters for the government of Khyber Pakhtunkhwa (KPK); Rs400.020 million for the Ministry of Law and Justice to establish additional courts in compliance with the orders of the Supreme Court; Rs2.268 billion for the Higher Education Commission for completion of various Disbursement linked Indicators (DLIs) under the IDA credit facility.

Among others, the ECC meeting was attended by Federal Minister for Interior, Sheikh Rasheed Ahmed, Minister for Privatization, Mohammad Mian Soomro, Minister for Planning, Development and Special Initiatives Asad Umar, Minister for Industries and Production Hammad Azhar, Adviser to the PM on Commerce Abdul Razak Dawood, SAPM on Revenue Dr. Waqar Masood, SAPM on Petroleum Nadeem Babar and Minister for National Food Security and Research Syed Fakhar Imam.

Governor State Bank of Pakistan Reza Baqir also participated through video link.

Syed Zaki Hussain

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)