ISLAMABAD – In a major breakthrough, the Economic Coordination Committee (ECC) on Wednesday approved the import of sugar, cotton and yarn from India.
This announcement is considered as a step towards reviving suspended trade between the two nuclear-armed neighbours.
The ECC meeting, chaired by newly appointed Finance Minister Hammad Azhar, approved to import 0.5m metric tonnes of sugar from India. The government is also considering allowing the import of cotton from India keeping in view shortages of cotton in the country.
“We have already imported our required cotton from Central Asia and other parts of the world, so there is no need to grant this permission,” said an official dealing with the textile sector.
The ECC summary states that the import of cotton and yarn through the Wagah border will help meet domestic requirements at reasonable rates. It would meet the requirements of the domestic sector at cheap freight rates.
Bilateral trade between Pakistan and India remained suspended from 2019 and efforts for its resumption are underway.
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