Islamabad: The meeting of Economic Coordination Committee of the Cabinet (ECC) was held here on Tuesday. Finance Minister Asad Umar chaired the meeting.
ECC had a detailed discussion on the proposal of Textile Division regarding withdrawal of custom duty, additional custom duty and sales tax on import of cotton. The proposal was aimed at facilitating the import of cotton to bridge the demand and supply gap in the country, thereby helping out the textile industry, especially the export segment. The Committee noted that detailed trade and revenue related data was required, which was not made part of the proposal. The relevant ministries were directed to fill the data gaps so that an informed decision could be taken in the matter.
The Ministry of Industries & Production shared with the meeting progress on the plan of action currently being formulated by a specially constituted experts group, suggesting viable options to revitalize the Pakistan Steel Mills (PSM). The committee directed that the plan of action should be prepared in a cohesive manner, taking on board the PSM Board of Directors/Management and submitted for final approval as per the given timelines.