July 28, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet has lifted the ban on imported goods except for Auto CBU, Mobile CBU and Home Appliances CBU, said a press release issued today.
Federal Minister for Finance and Revenue Mr Miftah Ismail presided over the ECC meeting at Finance Division today.
Ministry of Commerce submitted a summary on prohibition/complete quantitative restrictions on import of non-essential and luxury items.
It was submitted that in order to curtail the rising current account deficit (CAD), the 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% i.e., from $399.4 million to $123.9 million.
A review meeting was also held to review the ban after two months owing to serious concerns raised by major trading partners on the imposition of the ban and considering the fact that the ban has impacted supply chains and the domestic retail industry.
Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Planning, Development and Special Initiatives Mr Ahsan Iqbal, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Federal Minister for Power Mr Khurram Dastgir Khan, Federal Minister for National Food Security and Research Chaudhary Tariq Bashir Cheema, Mr Shahid Khaqan Abbasi – MNA/ex-PM, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Mr Musadik Masood Malik, Rana Ihsan Afzal, Coordinator to the PM on Commerce & Industry, Coordinator to the PM on Economy Mr Bial Azhar Kayani, Federal Secretaries and senior officers attended the meeting.
