ECC Lifts Ban on Imported Luxury Items
On Thursday, following a massive fall in imports, the cabinet’s Economic Coordination Committee (ECC) removed the ban on luxury imported items.
Finance Minister Miftah Ismail chaired the meeting at the Finance Division. Furthermore, the Ministry of Commerce provided an overview of the import ban on non-essential and luxury commodities.
It further stated that a review meeting was conducted after two months to assess the ban due to severe concerns voiced by major trading partners about the imposition of the restriction and how it has harmed supply chains and the local retail business.
The ECC agreed to lift the ban on imported items except for completely built-up (CBU) autos, mobile phones, and household appliances.
The committee also approved the clearing of held-up consignments (excluding products still in the banned category) arriving at ports after July 1, 2022, subject to a 25% premium.
Reports indicated that the Ministry of National Food Security and Research and Fatima Fertilizer Company Limited (Sheikhupura Plant) and Agritech Limited were significantly affected by the import ban.
The ECC further directed the relevant ministries to work out the gas price/ variable contribution margin (VCM) for the fertilizers.
The restriction on imported goods significantly impacted the real estate sector as well. Several kinds of construction materials and other architectural commodities need to be imported, and the imposition of ban on imported goods cause hurdles in the process. The lift of the ban, therefore, will prove to be beneficial not only for the real estate sector, but other industries as well.
Many officials also attended the meeting including Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for National Food Security and Research Chaudhary Tariq Bashir Cheema, Minister of State for Petroleum Musadik Masood Malik, etc.
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