ISLAMABAD: The federal government has abolished ban on the import of non-essential and luxury products. However, some restrictions will remain in place on the import of cars built-up automobiles, cellphones, and home appliances.
The decision was taken in the meeting of Economic Coordination Committee (ECC), held under the chair of Finance Minister Miftah Ismail, in the wake of a substantial reduction in imports, Finance Ministry said.
During the meeting, the Ministry of Commerce submitted a summary to lift ban and prohibition/complete quantitative restrictions on the import of non-essential and luxury items.
The ECC members were briefed that to curb the rapidly rising current account deficit, a ban on the import of about 33 classes/categories of goods was imposed involving thousands of items with the approval of the cabinet.
Consequently, the imports of the banned items have declined by 69% — from $399.4 million to $123.9 million while the ban has impacted supply chains and the domestic retail industry.
Furthermore, it should be noted that all held up consignments (except items which still remain in banned category) which arrived at the ports after July 1, 2022 may be cleared subject to payment of 25% surcharge.
In May this year, the government had imposed a ban on the imports of over three dozen non-essential and luxury items as part of an emergency economic plan to stabilise the depleting foreign exchange reserves and rising import bill.
