ISLAMABAD, (APP): The Economic Coordination Committee (ECC) here on Wednesday approved the import of 50,000 metric tons of Urea from China on an immediate basis subject to clearance from the Pakistan Standards and Quality Control Authority (PSQCA).
The committee, the meeting of which was presided over by the Federal Minister for Finance and Revenue, Shaukat Tarin, allowed the import on a Government-to-Government (GoG) basis with the People’s Republic of China, said a press statement issued by the Finance Ministry.
The ECC tasked the Trading Corporation of Pakistan (TCP) to negotiate prices with Chinese suppliers authorized by the government of China for further import of Urea.
Meanwhile, the committee approved a summary, with some modifications, presented by the Ministry of Finance for rationalization of tariff on import of vehicles and other items requested by the Ministry of Industries and Production (MOIP) and other sectors.
The forum also decided to review some recommendations relating to the automotive sector after six months.
The ECC also approved requests of Technical Supplementary Grants (TSG) presented by the Petroleum Division and Finance Division. The request of the Power Division for TSG was also approved subject to the reconciliation with Finance Division.
Among others, the meeting was attended by Federal Minister for National Food Security and Research, Syed Fakhar Imam; Federal Minister for Industries and Production, Makhdoom Khusro Bakhtiar; Federal Minister for Energy, Hammad Azhar; Federal Minister for Privatization, Muhammedmian Soomro; Federal Minister for Water Resources, Chaudhry Moonis Elahi; Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood; Federal Secretaries and senior officers, the statement added.
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