Lifting a nearly two-year old ban, Pakistan's Economic Coordination Council (ECC) today allowed the import of cotton and cotton yarn from India. The proposal was presented before the top committee for approval at a meeting convened by the commerce ministry. The ECC met today and decided to allow the import, which is being seen as an effort to reopen Indo-Pak trade.
The ECC allowed the private sector to import 0.5 million tonnes of white sugar as well, according to Pakistani media reports.Lifting a nearly two-year old ban,Pakistan's Economic Coordination Council today allowed the import of cotton and cotton yarn from India. The proposal was presented before the top committee for approval at a meeting convened by the commerce ministry. The ECC met today and decided to allow the import, which is being seen as an effort to reopen Indo-Pak trade.#
Pakistan has been looking to tap the international market for sugar, floating two tenders for 50,000 tonnes in the last month. It rejected bids on both tenders in March.
Pakistan was one of the leading buyers of Indian cotton until August 10, 2019, when Islamabad banned imports of goods from India after New Delhi revoked the special status of its portion of the Kashmir region that both countries claim.
On March 29, PM’s advisor on commerce and investment Abdul Razak Dawood got approval from Prime Minister Imran Khan to import cotton and yarn through land route (including India) to meet domestic demand and bring down the prices in the domestic market.
Fibre2Fashion News Desk (DS)
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