The prime minister after consultations on Friday instructed the Ministry of Commerce and his financial staff to right away take steps to facilitate the related sectors, worth added, attire and sugar, by discovering different low-cost sources of import of the wanted commodities, the Dawn newspaper quoted sources as saying.
Various proposals have been offered to the Economic Coordination Committee (ECC) which considers these ideas from an financial and industrial viewpoint. After consideration by the ECC, its choices are offered to the Cabinet for ratification and remaining approval, the report mentioned.
In the current case, a proposal was offered to the ECC to permit the import of cotton, cotton yarn and sugar from India protecting in view home necessities, it mentioned.
With regards to the ECC resolution to permit import of sugar, cotton and cotton yarn from India, Khan held consultations with key members of his Cabinet on Friday and determined that Pakistan couldn’t go forward with any commerce with India beneath the present circumstances, it mentioned.
The ECC had selected industrial grounds to suggest these imports for the Cabinet’s consideration.
While the choice was not on the formal agenda of the Cabinet assembly, the problem was introduced up by Cabinet members and the prime minister instructed that the ECC’s resolution be deferred and instantly reviewed, the report mentioned.
The Cabinet headed by Prime Minister Khan on Thursday rejected the proposal of the high-powered committee to import cotton from India, with Foreign Minister Shah Mahmood Qureshi asserting that there could be no normalisation of ties till New Delhi reverses its resolution in 2019 to revoke the particular standing of Jammu and Kashmir.
Pakistan’s U-turn on Thursday got here a day after the ECC, beneath newly-appointed Finance Minister Hammad Azhar, beneficial importing cotton and sugar from India, lifting an almost two-year-long ban on its import from the neighbouring nation amidst tensions over the Kashmir concern.
India has mentioned that it wishes regular neighbourly relations with Pakistan in an setting freed from terror, hostility, and violence. India has mentioned the onus is on Pakistan to create an setting freed from terror and hostility.
India has additionally informed Pakistan that “talks and terror” can not go collectively and has requested Islamabad to take demonstrable steps in opposition to terror teams liable for launching varied assaults on India.
The ECC’s resolution had raised hopes of a partial revival of Pakistan-India bilateral commerce relations, which have been suspended after the August 5, 2019 resolution of New Delhi to revoke the particular standing of Jammu and Kashmir.
In May 2020, Pakistan lifted the ban on the import of medicines and uncooked materials of important medication from India amidst the COVID-19 pandemic.
India’s transfer to revoke the particular standing of Jammu and Kashmir in 2019 angered Pakistan, which downgraded diplomatic ties and expelled the Indian High Commissioner in Islamabad. Pakistan additionally snapped all air and land hyperlinks with India and suspended commerce and railway companies.