Advisor to the Finance and Revenue Shaukat Tarin on Thursday advised the concerned authorities to take effective policy measures to reduce unnecessary imports of luxury items.
The adviser made these remarks while presiding over a meeting to review the balance of trade at Finance Division, said a press statement issued by the finance ministry here.
Among others, the meeting was attended by Federal Minister for National Food Security and Research, Syed Fakhar Imam; Federal Minister for Industries and Production, Makhdoom Khusro Bakhtiar; Federal Minister for Energy, Hammad Azhar; Adviser to the PM on Commerce and Investment, Abdul Razak Dawood, federal secretaries, Governor State Bank of Pakistan Chairman Federal Board of Revenue and other senior officers.
The meeting reviewed important bills tabled during last five months from July to November 2021 concerned to the ministry. It was informed that pressure on import bill was mainly due to global high commodity prices especially energy, steel, and industrial raw materials.
The forum also noted that high import of vaccine contributed significantly to the rise in import bill.
Moreover, it was informed that there would be less import of food items, furnace oil and vaccine in the coming months that would significantly reduce the pressure on trade bill in the second half of the current fiscal year.
