ECC approves tariff rationalization on import of vehicles, other goods

Islamabad: The Economic Coordination Committee (ECC) Wednesday endorces the rationalization of tariff on import of vehicles and other items requested by the Ministry of Industries and Production (MOIP) and other sectors.

The committee also approved import of 50,000 metric tons of Urea from China on immediate basis subject to clearance from the Pakistan Standards and Quality Control Authority (PSQCA).

Presided over by Federal Minister for Finance and Revenue Shaukat Tarin, the meeting allowed the import on Government-to-Government (GoG) basis with People’s Republic of China, said a press statement issued by the Finance Ministry.

The ECC tasked the Trading Corporation of Pakistan (TCP) to negotiate price with Chinese supplier authorized by government of China for further import of Urea.

The committee approved a summary, with some modifications, presented by the Ministry of Finance for rationalization of tariff on import of vehicles and other items requested by the Ministry of Industries and Production (MOIP) and other sectors.

The forum also decided to review some recommendations relating to automotive sector after six months.

The ECC also approved requests of Technical Supplementary Grants (TSG) presented by Petroleum Division and Finance Division. The request of Power Division for TSG was also approved subject to the reconciliation with Finance Division.