Economic coordination committee approves country’s membership in BRICS’ development bank

Pakistan's Economic Coordination Committee (ECC) of the Cabinet approved the country's membership in the New Development Bank (NDB), established by BRICS member countries.

The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired the meeting of ECC on Friday.

It was informed in the meeting that the NDB was established in 2015 by the BRICS countries of Brazil, Russia, India, China, and South Africa.

The NDB's membership is open to United Nations members, and the NDB's Board of Governors admits new members who officially join after depositing an instrument of accession.

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 also 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 five imported 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 cabinet committee 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 the timeline for the operationalization of the company.

The ECC also approved Technical Supplementary Grants (TSGs) for various ministries.