Islamabad: Finance Minister Asad Umar chaired assembly of Economic Coordination Committee of Cabinet (ECC) here on Tuesday.

The ECC had a detailed discussion on proposal of Textile Division regarding withdrawal of custom duty, additional custom duty and sales tax on import of cotton.

The proposal was aimed at facilitating import of cotton to bridge demand and supply gap in country, thereby helping out textile industry, specificly export segment.

The Committee famous that detailed trade and revenue related data was required, which was much made part of proposal. The relevant ministries were directed to fill data gaps so that an informed decision could be taken in matter.

The Ministry of Industries Production shared with assembly progress on plan of action currently being formulated by a specially constituted experts group, proposeing viable options to revitalize Pakistan Steel Mills (PSM).

The committee directed that plan of action should be prepared in a cohesive manner, taking on board PSM Board of Directors/Management and submitted for final approval as per given timelines.