New Delhi: The Imran Khan government of Pakistan lifts an early-two-year ban on cotton, yarn and sugar imports from India. According to media reports Pakistan's Economic Coordination Council, a top decision-making body, allowed country's private sector to import 0.5 million ton sugar from India.
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, after the PECC's decision of resuming trade between the two nuclear-armed neighbours.
India is the world's biggest producer of cotton and the second biggest sugar producer. Exports to its neighbour will reduce surpluses that are weighing on its local markets, while helping Pakistan to lower soaring sugar prices ahead of Ramadan.
"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," A pakistani dealer said to media.