Pakistan approved the imports of yarn, cotton, and sugar from India The trade with New Delhi, India resumed after almost two years.
The Finance Minister of Pakistan, Hammad Azhar told held a press conference in Islamabad. During the press conference, he revealed the approval of trade with India. He added that the Government had allowed imports of some product from the neighboring country.
— Government of Pakistan (@GovtofPakistan) March 31, 2021
This was revealed after a meeting of the Finance Minister with the Economic Coordination Control. ECC is a top decision-making body in the country.
“Prices of sugar in India are around 15% to 20% less than Pakistan, and therefore we allowed import until June 30, 2021,” Azhar said.
Around 500,000 metric tons of sugar are allowed to be imported from India for the private sector. The Finance Minister added that this approval is applicable only till June.
The move came after the recent letter exchanges between Prime Minister Imran Khan and Indian PM Narendra Modi. In his congratulatory message on March 23, Narendra Modi said that his country wants cordial relations with Pakistan. On this, Imran Khan also replied positively, saying that his country reciprocates it.
The Pakistan Apparel Association’s chairman, Mohammad Jawed Bilwani, added that the imports of cotton and yard would establish peaceful relations with neighbors.
“Pakistan’s cotton production has gradually reduced by 50% in recent years, which has badly affected the textile industry, and 40 related sub-industries,” Bilwani told Anadolu Agency.
He added that the production of cotton had reduced significantly in recent years. The best option in these circumstances is to import it from India.