ECC Discusses Cotton Import Duty, PSM Revival Plan

The Economic Coordination Committee of the Cabinet (ECC) Tuesday directed the ministries concerned for submitting the details of the data of local demand and supply of cotton, besides local trade of the commodity in order to finalize matters regarding duties on import of cotton.

ISLAMABAD, (UrduPoint / Pakistan Point News - 8th Jan, 2019 ) :The Economic Coordination Committee of the Cabinet (ECC) Tuesday directed the ministries concerned for submitting the details of the data of local demand and supply of cotton, besides local trade of the commodity in order to finalize matters regarding duties on import of cotton.

The ECC, which met here with Finance Minister Asad Umar in the chair, had a detailed discussion on the proposal of Textile Division regarding withdrawal of custom duty, additional custom duty and sales tax on import of cotton. The proposal was aimed at facilitating the import of cotton to bridge the demand and supply gap in the country, thereby helping out the textile industry, especially the export segment.

The committee noted that detailed trade and revenue related data was required, which was not made part of the proposal.

The relevant ministries were directed to fill the data gaps so that an informed decision could be taken in the matter.

The Ministry of Industries and Production shared the progress on the plan of action currently being formulated by a special constituted experts group, suggesting viable options to revitalize the Pakistan Steel Mills (PSM).

The committee directed that the plan of action should be prepared in a cohesive manner, taking on board the PSM Board of Directors and management, and submitted for final approval as per the given time lines.