Federal Government takes important decision on imports ban
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*ISLAMABAD: The federal government has lifted the ban on the import of luxury and non-essential items after two months. *
According to details, the decision was taken during the Economic Coordination Committee’s (ECC) meeting, chaired by Finance Minister Miftah Ismail.
The meeting review the ban after two months owing to serious concerns raised by major trading partners on the imposition of ban and considering the fact that the ban has impacted supply chains and domestic retail industry.
The members were briefed that in order to curtail the rising current account deficit, a ban on the import of about 33 classes/categories of goods was imposed with the approval of the cabinet.
In the light of fact that imports substantially reduced, the Economic Coordination Committee decided to lift the ban on imported goods except for completely built-up automobiles, mobile phones, and home appliances.
Furthermore, it should be noted that all held-up consignments (except items that still remain in banned category) which arrived at the ports after July 1, 2022 may be cleared subject to payment of 25% surcharge.
