ISLAMABAD: As trade deficit witnessed a steep rise, Adviser to the Prime Minister on Finance, Shaukat Tarin Thursday asked the concerned authorities to take effective policy measures to reduce unnecessary imports of luxury items.

The adviser presided over a meeting to review the balance of trade on Thursday, which was attended by Federal Minister for National Food Security and Research Syed Fakhar Imam, Federal Minister for Industries and Production Khusro Bakhtyar, Federal Minister for Energy Hammad Azhar, Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood, federal secretaries, governor SBP, chairman Federal Board of Revenue, and other senior officers.

Tarin describes food inflation as 'major' challenge

The meeting reviewed and discussed the import bill of the last five months- July to November 2021 with the concern as relevant departments explained it that the 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.

The meeting was told that there will be less import of food items, furnace oil, and vaccine in the coming months that will significantly reduce the pressure on trade bill in the second half of the current fiscal year.

Copyright Business Recorder, 2021