ECC approves export of additional 100,000 tonnes of sugar

ISLAMABAD:The Economic Coordination Committee (ECC) on Thursday gave its go-ahead for export of an additional 100,000 metric tonnes (MT) of sugar, subject to specific conditions. The decision was taken at a meeting chaired by Federal Minister for Finance and Revenue Muhammad Aurangzeb following a summary presented by the Ministry of Industries and Production.

This approval follows previous decisions by the ECC to authorise the export of 40,000 tonnes of sugar in early August and 150,000 tonnes in June 2024. The ECC stressed the need for a structured approach to sugar exports, particularly given the procedural delays encountered in previous allocations.

One of the key conditions laid down by the Competition Control Committee (ECC) is to extend the period allowed for export of sugar from 45 to 60 days from the date of allocation of quota by the concerned cane commissioner. Further, the committee has mandated that export proceeds from Afghanistan should be received in advance through banking channels, while export proceeds to other destinations through Letter of Credit (LC) should be allowed within 60 days of opening of the LC.

The ECC also clarified that the retail price of sugar should not be linked to export permission as price control is not the purview of the sugar mills. Moreover, penalties for non-payment of dues to producers will be levied only on non-compliant sugar mills and not on the entire Pakistan Sugar Mills Association (PSMA).

In order to ensure market stability, the ECC has decided to monitor the sugar market on a monthly basis and review its decisions if necessary. The Sugar Advisory Board (SAB) has been tasked with developing a comprehensive sugar policy within two months to address sectoral challenges and promote sustainable growth.

Besides the sugar export decision, the ECC also approved several additional technical grants including Rs 276.250 crore for the Ministry of Home Affairs to support Frontier Corps KP(N) TSG for Project Implementation Letters (PILs), and Rs 1.951 billion towards security charges related to Reko Diq project, payable to Frontier Corps Balochistan (South).

In addition, the ECC approved a special allocation of Rs 20 billion for Operation Azm-e-Istehkam during the financial year 2024-25. The operation, launched in June 2024 under the National Action Plan (NAP) and led by Prime Minister Shehbaz Sharif, aims to eradicate terrorism and extremism across the country.

The ECC meeting was attended by key ministers including Industries and Production Minister Rana Tanveer Hussain and Commerce Minister Jam Kamal Khan along with other senior officials from relevant ministries.

ECC approves export of additional 100,000 tonnes of sugar appeared first on Profit by Pakistan Today.