Wednesday, September 28, 2022

ECC ratifies decision to lift ban on luxury items import

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ISLAMABAD: Economic Coordination Committee (ECC) on Friday ratified the federal government’s decision to lift the ban on the import of non-essential and luxury items.

The decision was taken during a meeting held in Islamabad with Finance Minister Miftah Ismail in the chair.

The Economic Coordination Committee has also recommended the release of those held up consignments that arrived after 30th June up to 31st of July with surcharge payment.

Ministry of Commerce submitted that a ban was imposed on import of about 33 categories of goods covering more than 860 products on 19th of May this year.  The ban raised serious concerns among trading partners and it was impacting supply chains and the domestic retail industry.

Read more: FEDERAL GOVT LIFTS BAN ON IMPORT OF LUXURY ITEMS

On the recommendation of Ministry of Energy, the ECC approved to exclude new LNG terminals and associated facilities from application of Third-Party-Access and allowed amendment in article 6.2(a) of LNG policy, 2011.

On a summary submitted by Ministry of National Food Security and Research on allocation of 300,000 metric tons of wheat for Utility Stores Corporation, the ECC directed the ministry for resubmission of summary after incorporating complete details of incidental charges and comments of Finance Division.

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