ECC calls tenders for sugar export of 108,000 tonnes
ISLAMABAD: Taking a cautious approach given domestic sensitivities, the Economic Coordination Committee (ECC) of the Cabinet on Wednesday stopped short of formally allowing sugar export and instead decided to call international export tenders for 108,000 tonnes. “A formal decision for sugar export would depend on the price we get through tenders and would be taken by the federal cabinet,” a…
The Economic Coordination Committee (ECC) of the Cabinet has decided to call international export tenders for 108,000 tonnes of sugar held by the Trading Corporation of Pakistan (TCP). The decision was made to avoid potential political costs associated with previous export-import cycles that have negatively impacted the general public.
The tender process will adhere to the PPRA Rules 2004 and is expected to take a minimum of 30 days, bringing the actual export decision close to the next crushing season. Finance Minister Muhammad Aurangzeb emphasized the need for a formal cabinet approval, considering the potential impact on local prices and foreign exchange earnings.
The sugar industry has reported total stocks of over three million tonnes as of July 31, with domestic consumption averaging 564,000 tonnes per month.
Brief written by urgent.news from Dawn Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
