President FPCCI Appreciates Govt Gesture On SRO 598

KARACHI, (UrduPoint / Pakistan Point News - 3rd Jul, 2022 ) :Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh has appreciated the government's positive gesture and assurance to extend the implementation date of SRO 598.

In his statement issued here on Sunday, he said detailed and successful negotiations were held with the Federal Ministry of Commerce at the platform of this apex trade body of the country and that the extension in the date of implementation of SRO 598 was expected soon.

Sheikh thanked the federal government in advance on behalf of the entire trade and industry for paying heed to their grievances.

This step would save the importers from losses amounting to billions of rupees as SRO 598 led to imposition of quarantine at all ports on the luxury items in-transit -- under existing orders or under other commercial transactional procedures.

He recalled that the FPCCI had been advocating the extension in the date of implementation of SRO 598 from day one when it was notified on May 19, 2022 as the ban was sudden and would have caused huge losses to the importers.

Sheikh also acknowledged the role of Federal Minister for Water Resources Syed Khurshid Ahmed Shah for playing his pivotal role in withdrawing 17 percent GST on seeds levied in the federal budget 2022-23.

Seeds were one of the main inputs in the agriculture and economic viability of various crops. It will benefit the farmers in multiple ways, i.e. reducing their costs and enhancing their yields, he added.

The FPCCI chief maintained that feeding a population of 220 million people was a humongous challenge in the current circumstances and import substitution in food items is also critical to save precious foreign exchange reserves.

Sheikh termed the above-mentioned targeted interventions as indispensable for the food security of the country and saving the importers from losses in billions of rupees. He also pinned his high hopes to the consultative process with the economic team of the government in the broader national interest.