The Economic Coordination Committee (ECC) authorized the import of 50,000 Metric Ton (MT) of Urea on a Government-to-Government (GoG) basis from the People’s Republic of China on an immediate basis.

The decision was made with the Federal Minister for Finance and Revenue, Shaukat Tarin, overseeing proceedings of the Economic Coordination Committee (ECC) of the Cabinet on Wednesday.

Ministry of Industries and Production tabled a summary for the import of Urea from China by the Trading Corporation of Pakistan (TCP). The ECC, after deliberation, allowed the import of 50,000 MT of Urea on a GoG basis from China on an immediate basis, subject to clearance from the Pakistan Standards and Quality Control Authority (PSQCA). TCP was also tasked to negotiate the price with the Chinese suppliers authorized by the Government of China for further import of Urea.

The ECC also approved requests of Technical Supplementary Grants (TSG) presented by the Petroleum Division and Finance Division. The request of the Power Division for TSG was also approved, subject to the reconciliation with Finance Division.

Ministry of Commerce submitted a summary for rationalization of tariff on import of vehicles and other items requested by MOIP and other sectors. The meeting discussed the summary in detail and approved recommendations of the Tariff Policy Board with some modifications. The forum also decided to review some recommendations relating to the automotive sector after six months.

Federal Minister for National Food Security and Research, Syed Fakhar Imam, Federal Minister for Industries and Production, Makhdoom Khusro Bakhtiar, Federal Minister for Energy, Hammad Azhar, Federal Minister for Privatization, Muhammed Mian Soomro, Federal Minister for Water Resources, Chaudhry Moonis Elahi, Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, Federal Secretaries and senior officers attended the meeting.

Source: Pro Pakistani