ISLAMABAD:
Federal Finance Minister said on Wednesday that the government has decided to import 0.5 million metric tonnes of sugar from India.India is the world’s biggest producer of cotton and the second biggest sugar producer. Exports to its neighbour will reduce surpluses that are weighing on its local markets, while helping Pakistan to lower soaring sugar prices ahead of
He further said that the sugar will be imported by the private sector.
Addressing a presser at the Press Information Department (PID) this afternoon, Azhar said, “Pakistan will also open the trade of cotton with India.”
Federal Finance Minister said on Wednesday that the government has decided to import 0.5 million metric tonnes of sugar from India, lifting a nearly two-year old ban.
He further said that the sugar will be imported by the private sector.
Addressing a presser at the Press Information Department (PID) this afternoon, Azhar said, “Pakistan will also open the trade of cotton with India.”
He added that the government has to make tough decisions for the country in view of a given situation. “The basis of our decisions will be the interest of the country and its people, he maintained.”
“The price of the commodity in India is lower than what it is in Pakistan and this is the reason behind the decision,” Azhar explained.
Regarding the import of cotton, the minister said, “The import of cotton from India for small industries will take place until the month of June.”
“In comparison, there’s a Rs15 to Rs20 difference in the price of sugar in the two countries.”
The minister added that all government departments were working in coordination to provide subsidies to the masses.
The government will also release sukuk bond, he said, but declined to issue a release date as of now.
Pakistan is witnessing stability in the current account deficit and foreign exchange reserves,” he observed.
Theallowed the private sector to import 0.5 million tonnes of white sugar as Islamabad tries to keep soaring domestic prices in check, government officials told Reuters.
Pakistani buyers have already started making inquiries about buying Indian sugar and cotton, which is being offered at lower prices than supplies from other countries, five dealers said.
India is the world’s biggest producer of cotton and the second biggest sugar producer. Exports to its neighbour will reduce surpluses that are weighing on its local markets, while helping Pakistan to lower soaring sugar prices ahead of
The push comes amid a gradual thawing in ties between the two neighbours, which have fought three wars since gaining independence in 1947. The militaries of both countries released a rare joint statement last month, announcing a ceasefire along a disputed border in Kashmir.
“Enquiries for sugar and cotton are going on for price checking,” said the India head of a global trading firm, who declined to be identified due to company policy.