ECC asks exporters to ensure consignments shipped within 45 days

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday directed exporters to ensure the consignments are shipped within 45 days of quota allocation.

According to details, the directives were issued during the meeting of the Economic Coordination Committee (ECC) of the Cabinet chaired by Finance Minister Senator Ishaq Dar.

For the facilitation of export of sugar, the ECC after detailed discussion approved revised conditions for Provincial Cane Commissioners who will allocate quota within seven (07) days of the issuance of the notification.

The ECC decided the export proceeds shall be received either in advance through a banking channel, or within a period of sixty(60) days of the opening of LC for export of sugar.

Ministry of Commerce submitted a summary regarding export of sugar with proposals from SBP and PSMA on certain conditions regarding mode of payment and time period for realization of export proceeds.

It was informed that the ECC has already allowed export of a total of 250,000 MT of sugar on 3rd January, 2023.

However, certain queries have been raised by the stakeholders in the process of export of sugar.