ISLAMABAD – The federal government on Thursday lifted the ban on the import of non-essential and luxury products imposed earlier in May.
The decision was taken during the Economic Coordination Committee (ECC), held under the chair of Finance Minister Miftah Ismail.
The Ministry of Commerce submitted a summary on prohibition/complete quantitative restrictions on the import of non-essential and luxury items during the meeting.
The members were briefed that in order to curtail the rising current account deficit, a ban on the import of about 33 classes/categories of goods was imposed with the approval of the cabinet.
“Due to the decision, the overall imports of the banned items have shrunk by over 69% — from $399.4 million to $123.9 million,” the statement read.
Furthermore, it should be noted that all held up consignments (except items which still remain in banned category) which arrived at the ports after July 1, 2022 may be cleared subject to payment of 25% surcharge.
The government had imposed a ban on the imports of the more than three dozen non-essential and luxury items on May 19 as part of an emergency economic plan to stabilise the depleting foreign exchange reserves and rising import bill.
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