ECC Approves Pakistan’s Membership in New Development Bank Set Up by BRICS Countries

A meeting of the Economic Coordination Committee (ECC) of the Cabinet was held under the chairmanship of the Federal Minister for Finance Senator Muhammad Aurangzeb.   The ECC also approved Pakistan’s membership in the New Development Bank (NDB), established by BRICS member countries. The committee endorsed the purchase of 5,882 capital shares in the NDB, amounting to $582 million, with $116 million as paid-in capital.  The ECC approved a proposal from the Ministry of Commerce regarding the inclusion of PCT/HS codes for newly notified mandatory items of the Pakistan Standards and Quality Control Authority (PSQCA) in the Import Policy Order (IPO), 2022. The decision incorporates specific PVC and polymer-based products into the mandatory regulatory framework, ensuring compliance with Pakistan Standards.  The ECC also deliberated on the transfer of shares of DISCOs in the name of the President of Pakistan as proposed by the Ministry of Energy (Power Division). The Committee approved the transfer with the observation that the approval is subject to confirmation that the transfer will have no financial implications.  The ECC also approved the incorporation of an International Joint Trading Company in Singapore by Pakistan State Oil (PSO) and the State Oil Company of Azerbaijan Republic (SOCAR). The Committee instructed the Ministry of Petroleum to ensure due diligence regarding specific investment approvals, particularly equity injections, as well as timeline for operationalization of the company.  To ensure financial support for key initiatives, the ECC approved the following Technical Supplementary Grants (TSGs):  The meeting was attended by Minister for Commerce Jam Kamal Khan, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister of State for Finance and Revenue Ali Parvez Malik, Federal Secretaries, and senior officers from relevant ministries and divisions.