ISLAMABAD: The Economic Coordination Committee of the cabinet lifted the ban on import of sugar and cotton from India.
Addressing a press conference on Wednesday, the finance minister said the government had allowed sugar to be imported from other countries, however, the price of the commodity in other countries was also high.
“In India, the price of sugar is quite cheap, And therefore, we have decided to resume sugar trade with India”.
Azhar said the measure would help bring down sugar prices in Pakistan and will provide relief to the poor.
Azhar said the demand for cotton in Pakistan was also increasing with the passing time and the country needed the product in a large amount. He said Pakistan had not produced quality cotton last year hence it had given the green signal for the product to be imported from other countries around the globe.
“However, the import of cotton from India was banned and this had a direct effect on our SMEs,” he said. “However, at the recommendation of the Ministry of Commerce, we have also decided to resume the trade of cotton with India,” he said. “select and change his team”.
He also announced slashing the prices of petroleum prices.
“This decision is not related to the ECC [meeting that took place] but the first decision we have taken, after consultations with the prime minister, we will reduce the prices of petrol and diesel,” said Finance Minister Hammad Azhar during a news conference
“The price of petrol will be slashed by Rs1.5 per litre while the price of diesel will be slashed by Rs3 per litre. We took this decision because now, we have some room due to a change in prices at the international market,” he said.