ECC defers approval of textile policy 2020-25

ISLAMABAD: The Economic Coordination Committee (ECC) on Monday deferred the approval of Textile and Apparel Policy for the fiscal year 2020-25, ARY News reported.

The ECC meeting, which met under Finance Minister Shaukat Tarin, discussed a range of issues including approval of the new textile policy.

In the meeting, the Ministry of Commerce presented Textile and Apparel Policy, FY 2020-25 for approval.

However, after due deliberation, the ECC constituted a sub-committee comprising of representatives of Ministry of Commerce, Finance Division, Ministry of Industries and Production, Power and Petroleum Divisions, FBR and State Bank of Pakistan to review and present an updated policy before ECC in a couple of weeks.

Moreover, the ECC also approved the maximum provision of gas to Pak Arab (58MMCFD) and FFBQL (63MMCFD) to ensure that the estimated demand for urea fertilizer is met through domestic production.

Furthermore, the ECC considered and approved a summary presented by the Ministry of Information Technology and Telecommunication regarding allocation of Rs. 2 billion as a single line budget for Pakistan Software Export Board (PSEB), an apex Government body, mandated to strengthen and promote the IT sector exports of Pakistan.

The ECC also approved the allocation of Rs. 4 billion to PSEB for the disbursement of cash reward incentives in order to incentivize IT exports and to encourage documentation of exporters/exports.

Federal Minister for Industries and Production Khusro Bakhtiar, Federal Minister for Energy Hammad Azhar, Federal Minister for Railways Azam Khan Swati, Minister of State for Information Farrukh Habib, Advisor to PM on Commerce Abdul Razak Dawood, Federal Secretaries and other senior officers attended the meeting.