Monday, December 4, 2023

Govt approves revised conditions for export of sugar

Govt approves revised conditions for export of sugar
January 26, 2023 Web Desk

ISLAMABAD (92 News) - Federal Minister for Finance Muhammad Ishaq Dar presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet on Thursday.

The Ministry of Commerce submitted a summary regarding export of sugar with proposals from the SBP and the PSMA on certain conditions regarding mode of payment and time period for realization of export proceeds. It was informed that the ECC has already allowed export of a total of 250,000 MT of sugar on January 3.

However, certain queries have been raised by the stakeholders in the process of export of sugar. For the facilitation of export of sugar, the ECC after detailed discussion approved revised conditions, which may be considered as follow: 

  1. Provincial Cane Commissioners will allocate quota within seven (07) days of the issuance of the notification.
  2. Export proceeds shall be received either in advance through banking channel, or within a period of sixty(60) days of opening of LC for export of sugar.

3. The exporter shall ensure that the consignment is shipped within 45 days of quota allocation.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Shahid Khaqan Abbasi MNA/Ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Government Effectiveness Dr Muhammad Jehanzeb Khan, Coordinator to PM on Commerce and Industry Rana Ihsan Afzal, Governor SBP, Federal Secretaries and other senior officers attended the meeting.