ECC approves export of additional 0.3m tonnes of sugar

ISLAMABAD: Economic Coordination Committee of the federal cabinet on Tuesday approved the export of additional 0.3 million metric tonnes (MMT) of sugar.

The meeting chaired by Finance Minister Ishaq Dar made the decision in addition to the export quantity already approved, keeping in view the recommendations of the inter-ministerial committee, constituted by the prime minister, and the Sugar Advisory Board.

The export quota would be approved and monitored by the State Bank of Pakistan (SBP) on first come first serve basis. ECC has in March approved the export of 0.2 million metric tons of sugar without any subsidy.

ECC also approved a proposal of the Ministry of Industries and Production exempt Value Added Tax (VAT) as required under a provision of a proposed agreement between the governments of Pakistan and Belarus on industrial, scientific and technical cooperation.

Once the agreement is signed, both governments will mutually exempt VAT when importing goods supplied on cooperation base, as well as goods supplied under aid grants.