ISLAMABAD, The Economic Coordination Committee (ECC) has decided to lift ban on import of non-essential and luxury items.
The decision to this effect was taken during a meeting held in Islamabad on Friday with Finance Minister Miftah Ismail in the chair.
The ECC recommended release of those held up consignments arrived after 30th June up to 31st of July with payment of surcharge.
According to press statement issued by finance ministry, the Ministry of Energy (Petroleum Division) had submitted a summary on amendments in LNG policy 2011 for exemption from mandatory TPA to new LNG Terminals.
It was argued that the gap between gas supply and demand in the country was widening resulting in gas load management affecting economic activities.
Under the circumstances and to diversify the LNG import infrastructure, there was a need to support and encourage foreign/private investment in the new LNG terminals at their own costs and risks to meet the growing demand of RLNG in the country.
The ECC approved the proposal considering the objectives of attracting investment in LNG import terminal facilities.
ECC also decided that ban on all non-essential and luxury items may be lifted for which the Ministry of Commerce had presented a summary before the committee.
It was submitted that a ban was imposed on import of about 33 classes/categories of goods covering more than 860 products/tariff lines on May 19, 2022.
The ECC lifted the ban owing to serious concerns raised by trading partners on the imposition of ban and considering the fact that the ban has impacted supply chains and domestic retail industry.
Further the ECC recommended release of those held up consignments arrived after 30th June up to 31st July, 2022 with payment of surcharge.
On a summary submitted by Ministry of National Food Security & Research on allocation of 300,000 MT of wheat for Utility Stores Corporation (USC), the ECC directed Ministry of National Food Security & Research for resubmission of summary after incorporating complete details of incidental charges and comments of Finance Division.
Among others, the meeting was attended by Federal Minister for Commerce Syed Naveed Qamar; Federal Minister for Industries & Production, Makhdoom Syed Murtaza Mehmood; Minister of State for Finance and Revenue, Dr. Aisha Ghous Pasha; Coordinator to the PM on Economy, Bilal Azhar Kayani; Coordinator to PM on Commerce & Industry, Rana Ihsan Afzal; Chairman FBR, Chairman OGRA, Federal secretaries and senior officers.
