ECC Reviews Impact Of Rs 180 Billion PM's Export Package

ECC reviews impact of Rs 180 billion PM's export package

Economic Coordination Committee of the Cabinet (ECC), which met here at PM Office on Thursday with Prime Minister Shahid Khaqan Abbasi in chair

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Sep, 2017 ) : Economic Coordination Committee of the Cabinet (ECC), which met here at PM Office on Thursday with Prime Minister Shahid Khaqan Abbasi in chair, reviewed the impact of Prime Minister's Export Package towards boosting country's exports.

The Export Package worth Rs 180 billion provides incentives to the exporters of textile and non-textile sectors for enhancing their export potential. The meeting noted that the package had contributed significantly towards putting the country's exports onto the growth trajectory, said a press release issued by the PM's Media Wing here.

The meeting also considered various proposals for expanding the scope of Export Package and to include other sectors into its fold. The Prime Minister directed that a committee be constituted comprising representatives of Finance and Commerce Divisions and the Federal board of Revenue (FBR) to undertake a detailed analysis of the impact of the package and also propose changes in scope and coverage of the Export Package.

The ECC noted the availability of 2.788 million metric tonnes of sugar in the country and authorized Commerce Ministry to allow export of 0.5 MMT sugar to sugar mills. The Prime Minister directed that Inter-Ministerial Committee, already existing for this purpose, should regularly review sugar stock, export and price mechanism and make recommendations to the ECC in case of any abnormal price increase in the domestic market.

The ECC also approved grant of extension in processing period of export of wheat/wheat products from August 31, 2017 to October 30, 2017. The meeting approved a proposal by the Petroleum Division to reallocate upto 15 MMCF Jhal Magsi gas to the OGDCL and to allow its sale to any third party selected through competitive bidding process under a term Gas & Purchase Agreement (GSPA) after fulfilling gas requirement of Jhal Magsi town.