Pakistan resumes sugar, cotton import from India
Pakistan's Economic Coordination Council has now given its go-ahead to traders to negotiate with their counterparts on the Indian side to resume the import of sugar and cotton.
FollowPakistan's Imran Khan government has given the go-ahead to resume the import of sugar and cotton from India.
The imports had been halted after India went ahead with the abrogation of Article 370 in Jammu and Kashmir.Â
Pakistan's Economic Coordination Council has now given its go-ahead to traders to negotiate with their counterparts on the Indian side to resume the import of sugar and cotton.
In many ways, Islamabad was forced into revisiting its earlier decision.Â
Even though Pakistan's textile exports increased last year, the country's cotton crop was not good.
With the local demand for sugar peaking ahead of the onset of Ramzan and the prices going through the roof, Pakistan has been compelled to import the product.
And considering that India is the second-largest producer and offering rates that are cheaper than prevalent in the global market, it was only a matter of time before Islamabad turned to New Delhi.Â
For now, Pakistan will procure 0.5 million tonnes of Sugar for the private sector.
Justifying the decision, Pakistan Finance Minister Hammad Azhar was quoted by local media as saying that if opening trade with a country lessens the burden on the pocket of an ordinary Pakistani, there is no harm in it.
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