In a major development that is likely to increase peace overtures between New Delhi and Islamabad, Pakistan Economic Coordination Council has allowed the import of cotton and yarn from India, local media reports said.
Pakistan’s Economic Coordination Committee (ECC) of the cabinet met Wednesday, which took the decision to allow import in an effort to reopen India-Pakistan trade.
This decision came after a meeting was called by the Pakistan Ministry of Commerce today. This decision to allow imports from India could be a step towards reviving suspended trade between the two countries.
Recently, Armies of India and Pakistan reinforced ceasefire followed by talks on the Indus water treaty in New Delhi.
Letters were exchanged between Indian Prime Minister Narendra Modi and his Pakistan counterpart Imran Khan. First, Prime Minister Modi wrote a letter greeting Khan on Pakistan National Day, now he responded with proposed result-oriented talks.
The medium-term prospects of this incipient peace process, however, depend on the evolution of Pakistan’s very interesting debate on geoeconomics triggered by Pakistan Army Chief General Qamar Javed Bajwa’s speech a couple of weeks ago.
However, during the ‘Heart of Asia’ conference, where External Affairs Minister S Jaishankar and his counterpart Shah Mehmood Qureshi were present, they did not hold any bilateral talks.
The panel was about to take up two summaries of the commerce and textile ministry to lift the ban on import of cotton and cotton yarn, and white sugar from India. There’s no confirmation on the decision taken by the panel on import of the white sugar.
The low yield of cotton bales in Pakistan has created problems, paving the way for imports from India. The Imran Khan government’s decision to consider lifting the ban from the country comes as a relief for the country’s textile sector, which seeks access to cheap raw materials.
Pakistan had suspended trade ties with India after New Delhi revoked the special status of Jammu and Kashmir in 2019.