The Economic Coordination Committee (ECC) is Pakistan’s principal federal institution and a consultative forum used by the country’s Prime Minister as its chairman for matters concerning the nation’s economic security and issues concerning geo-economic, political-economic, and financial endowment.
The ECC Meeting
The ECC of the cabinet after detailed discussions with the Sugar Advisory Board (SAB) allowed for an additional sugar export of 150,000 tonnes which coupled with the previous 100,000 tonnes and gives a total of 250,000 tonnes of sugar for export on a first-come-first-serve basis to supply to Sugar Mills.
This was on the condition that the Pakistan Sugar Mills Association (PSMA) would ensure that the prices of sweeteners would not exceed Rs.85-90/kg in the country’s domestic markets. It was further decided by the ECC that the total quantity to be exported might be distributed among provinces on the basis of their crushing capacity which the PSMA would determine.
The ECC meeting on 3rd January’23 was presided over by the Federal Minister for Finance and Revenue and Senator Ishaq Dar and the meeting was attended by Khurram Dastgir Khan ( Federal Minister for Power), Syed Naveed Qamar (Federal Minister for Commerce), Tariq Bashir Cheema (Federal Minister for National Food Security and Research), former PM Shahid Khaqan Abbasi, Musadik Masood Malik (Minister of State for Petroleum), Tariq Bajwa (SAPM on Finance), Muhammad Jehanzeb Khan (SAPM on Government Effectiveness), Rana Ihsan Afzal (Coordinator to PM on Commerce & Industry), Federal secretaries and senior officers.
NOTE- SAPM (Special Assistant to Prime Minister in Pakistan).
The Sugar Advisory Board (SAB)
During the 4th meeting of the SAB, the Ministry of National Food Security and Research presented the summary of the sugar exports during the year 2022-23. The ECC allowed for the export of a total of 250,000 tonnes of sugar including the 100,000 tonnes already approved on 15th December 22 to be supplied to sugar mills on a first-come-first-serve basis which was on the recommendation of the SAB led by the Food Minister, Tariq Bashir Cheema.
It was also informed during the:
- Meeting that the sugar data provided by the provinces had several variations and inconsistencies and that the Federal Board of Revenue and the Provinces constantly change the consumption and production
- The export of the 100,000 tonnes allowed on 15th of December’23 has not yet
- The exports of sugar would be subject to the condition that the proceeds in dollars would be recovered from sugar exporters within 60 days from the opening of the letters of
If you are an importer willing to buy bulk quantities of sugar or are an exporter thinking to grow your sugar business, then Tradologie.com is the right platform for you. Tradologie has 70,000+ registered sellers and 600,000+ registered buyers of various food and agro-commodities in its network and through the platform, you can buy or sell sugar in bulk with ease.
To register as a buyer, click here. To register as a seller, click here.
To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.