The Kabul Tribune (KT) — Pakistan’s Economic Coordination Committee (ECC) has approved a draft order to amend the Business-to-Business (B2B) Barter Trade Mechanism governing trade with Afghanistan, Iran and Russia, Business Recorder reported.
Pakistan's Finance Minister Muhammad Aurangzeb chaired the meeting and
endorsed the draft Statutory Regulatory Order (SRO) proposed by the Ministry of
Commerce. The measure is intended to revise the rules overseeing bilateral
trade under the barter system, according to the report.
The ECC also reviewed several financial matters. It
considered a request from the Ministry of Defence and Narcotics Control for
support to the Roosevelt Hotel in New York after its lease with the city was
terminated. The committee directed the ministry to revisit its financial
estimates and resubmit them.
Separately, the ECC approved 4 billion rupees in
supplementary funding for cash compensation to residents whose land was
acquired for the Defence Complex in Islamabad. The Finance Division will
arrange the amount, with additional requirements to be covered by the Capital
Development Authority.
The Interior Ministry received approval for a 20 billion
rupee grant to maintain law and order, with funds to be disbursed in phases.
Another 174.8 million rupees was allocated for law enforcement by the Frontier
Corps in Peshawar.
The meeting was attended by Petroleum Minister Ali Pervaiz
Malik, Commerce Minister Jam Kamal Khan, Investment Board Minister Qaiser Ahmed
Sheikh, Privatisation Commission Chairman Muhammad Ali, federal secretaries and
senior officials.
