Pakistan would import Sugar from India; Hammad Azhar
Hammad Azhar said that the government has decided to import 0.5 million metric tonnes of sugar from India, lifting a nearly two-year-old ban.
Talking to the Press Information Department (PID), Hammad Azhar said that Pakistan will also open the trade of cotton with India.
Additionally, the government has to make tough decisions for the country. The basis of our decisions will be the interest of the country and its people. The price of the commodity in India is lower than what it is in Pakistan and this is the reason behind the decision.
The import of cotton from India for small industries will take place until the month of June. In comparison, there’s an Rs15 to Rs20 difference in the price of sugar in the two countries.
The minister said that all government departments were working in coordination to provide subsidies to the masses. The government will also release the Sukuk bond, he said but declined to issue a release date as of now.
The Economic Coordination Council allowed the private sector to import 0.5 million tonnes of white sugar. As Islamabad tries to keep soaring domestic prices in check.
Pakistani buyers have already started making inquiries about buying Indian sugar and cotton. Which is being offered at lower prices than supplies from other countries.
Pakistan has been looking to tap the international market for sugar, floating two tenders for 50,000 tonnes in the last month. It rejected bids on both tenders in March.
The first tender offer was priced at $540.10 per tonne on a cost and freight basis (C&F) and the second at $544.10 tonne.
Pakistani traders have been buying Indian sugar through their offices in Dubai for Afghanistan. If Pakistan allows imports from India, they will unload shipments in Pakistan.
Indian exporters could also ship via sea or land. Noting this gives them a big edge given tight global container shipping markets. Pakistan was one of the leading buyers of Indian cotton until 2019.
I am a freelance writer studied Biochemistry at the University of Agriculture Peshawar in the faculty of Nutrition sciences.
