Duty on Cotton imports removed

By Anzal Amin

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet Wednesday withdrew Customs Duty on import of cotton yarn till June 30,2021, to ensure smooth supply of the commodity to the value-added industry, while bridging the gap between domestic production and overall demand for the inputs.
The summary for withdrawal of Customs Duty on import of Cotton Yarns under PCT 5205, 5206 and 5207 was presented by Secretary, Ministry of Commerce before the cabinet committee, the meeting of which was chaired by the Federal Minister for Finance, Revenue, Industries and Production, Muhammad Hammad Azhar.
Among others the meeting was attended by Federal Minister for Planning, Development and Special Initiatives, Asad Umar; Federal Minister for Privatization, Muhammad Mian Soomro; Federal Minister for Maritime Affairs, Ali Haider Zaidi; Federal Minister for Energy, Omar Ayub Khan; Federal Minister for National Food Security and Research, Syed Fakhar Imam; Adviser to the PM for Institutional Reforms and Austerity, Dr. Ishrat Hussain; SAPM on Revenue, Dr. Waqar Masood; SAPM on Power and Petroleum, Tabish Gauhar; Federal Secretaries, senior representatives of provincial governments, Chairman BOI and other senior officers.
The State Bank of Pakistan Governor joined through a video link, according to press statement issued by the Finance Ministry.
Meanwhile, Power Division presented a summary regarding waiver of minimum 66 percent Take-or-Pay commitment in Power Purchase Agreement(s) (PPA) & Gas Supply Agreement(s) (GSA) of three RLNG based Public Sector Power Plants namely Quaid-e-Azam Thermal Power Plant, Balloki Power Plant and Haveli Bahadur Shah Power Plant.