Pakistan focussing on oil seed import substitution

Pakistan focussing on oil seed import substitution

ISLAMABAD: PTI Government is focusing on import substitution in the oil seed sector. Different initiatives would be adopted to divert oil seeds import to local farmers so that Pakistan can become self sufficient in oil seed crop and foreign exchange could be saved. A delegation from Pakistan Vanaspati Manufacturers Association called on the Prime Minister’s Adviser on Commerce, Textile, Industries and Production and Investment Abdul Razak Dawood at Islamabad. Different issues regarding duty taxes on import of Soybean oil compliance issues and DTRE facilities were discussed. The issue of harmonizing standards, licensing conformity assessment and traceability procedures adopted by federal and provincial authorities in the light of WTO’s technical barriers to trade agreements were discussed. The delegation highlighted the different standards for the same product by provincial authorities are creating additional compliance and cost for the business community. Pakistan annually imports over 2.3 million M Tons of Soybean seed which is used to extract 418,700 M Tons of Soybean oil. The delegation appreciated business reforms package of the current government and expected that it would be very helpful in uptick of exports.
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