ECC lifts Embargo on import of More than 860 items
Following concerns raised by trading partners, the Economic Coordination Committee (ECC) has lifted the embargo on over 860 products.
Mr. Miftah Ismail, Federal Minister for Finance and Revenue, presided over the Economic Coordination Committee (ECC) of the Cabinet meeting at the Finance Division.
The Ministry of Commerce provided an overview of import bans and quantitative limits on non-essential and luxury goods.
On 19 May 2022, the import of around 33 classes/categories of commodities encompassing more than 860 products/tariff lines was reportedly prohibited.
Due to the grave concerns made by trading partners regarding the imposition of the ban and the impact the prohibition has had on supply chains and the domestic retail industry, the ECC has determined that the ban may be withdrawn on all items.
In addition, the ECC suggested releasing those delayed shipments that arrived after 30 June through 31 July 2022 in exchange for a premium.
The Ministry of Energy (Petroleum Division) has presented a summary of revisions to LNG Policy 2011 to exempt new LNG terminals from mandatory Third-Party-Access (TPA).
The concerned ministry said that the disparity between gas supply and demand in the country is expanding, causing gas load management to negatively impact economic activity.
To fulfill the rising demand for RLNG in the country and to diversify the LNG import infrastructure, it is necessary to support and encourage foreign/private investment in the new LNG terminals at their own costs and risks.
Taking into account the objectives of promoting investment in LNG import terminal facilities, the ECC approved the proposal to exclude new LNG terminals and associated facilities from the application of TPA and permitted the revision of LNG policy 2011 article 6.2(a).
On a summary submitted by the Ministry of National Food Security & Research regarding the allocation of 300,000 MT of wheat to Utility Stores Corporation (USC), the ECC directed the Ministry of National Food Security & Research to resubmit the summary after incorporating full details of incidental charges and comments from the Finance Division.
