Economy

Pak lifts import curbs on 12 items from India

PTI Islamabad | Updated on November 12, 2011 Published on November 12, 2011

Pakistan has removed restrictions on the import of 12 items from India, including raw materials and machinery, as part of measures aimed at normalising trade relations between the two countries, officials said today.

The decision to lift the restrictions on the 12 items was made yesterday during a meeting of the Economic Coordination Committee of Cabinet, chaired by the Pakistan Finance Minister, Mr Abdul Hafeez Shaikh.

The meeting gave permission for the import of these goods from India on a one-time basis and approved proposed regulatory changes in the country’s Import and Export Policy Order (Strategic Trade Policy Framework 2009—12), an official statement said.

The move came close on the heels of Cabinet’s decision to normalise trade ties with India and to eventually grant the neighbouring country ‘Most Favoured Nation’ status.

The Commerce Secretaries of the two countries are set to meet in New Delhi on November 14-15 and Pakistani Commerce Secretary, Mr Zafar Mahmood has said he is hopeful of a “major breakthrough” in the upcoming talks.

During yesterday’s meeting of the Economic Coordination Committee of Cabinet, the Commerce Ministry sent a proposal seeking approval for expansion of the “positive list” of items that can be imported from India.

The Commerce Ministry said the Prime Minister had been given a detailed briefing on the proposed amendments in the Import Policy Order and Export Policy Order.

The new items sought to be added to the “positive list” include raw materials and machinery for the leather and textile industries, officials said.

Published on November 12, 2011
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