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ISLAMABAD: Pakistan&rsquo;s Economic Coordination Committee (ECC) has approved the commercial import of used vehicles for the first time in years, an official statement released by the finance division said, signaling a major shift in the country&rsquo;s trade policy.&nbsp;Chaired virtually from New York by Finance Minister Muhammad Aurangzeb, the ECC approved amendments to the Import Policy Order, 2022, allowing the import of used vehicles up to five years old until June 30, 2026. After that, the age limit will be lifted entirely.&nbsp;According to the official statement, &ldquo;such commercial importation would remain subject to strict compliance with prescribed environmental and safety standards.&rdquo;&nbsp;To moderate the impact on local industry, a 40% Regulatory Duty (RD) will be imposed on these imports, in addition to existing customs duties.&nbsp;&ldquo;This enhanced duty will remain applicable until 30th June 2026. Thereafter, the duty shall be reduced gradually by 10% points per year, reaching zero by 2029-30,&rdquo; the Finance Division said in a press release.&nbsp;Analysts say the move could help diversify Pakistan&rsquo;s auto market and make vehicles more affordable, though concerns over environmental enforcement remain.&nbsp;In a separate development, the ECC approved a technical supplementary grant of Rs800 million [approximately $2.8 million for the Pakistan Virtual Asset Regulatory Authority (PVARA), as part of efforts to regulate the country&rsquo;s growing digital asset space.&nbsp;The meeting included key cabinet members overseeing petroleum, energy, and food security, as well as senior regulatory officials.

Economy

The finance division has approved limited commercial imports of used vehicles with environmental conditions and new duties. The government also allocated $2.8 million to strengthen regulation of digital assets through a new authority.

Articles tagged with "Economic Coordination Commitee"

Pakistan opens doors to used car imports