ICST wants complete ban on wheat import

Islamabad: Islamabad Chamber of Small Traders (ICST) on Monday sought a complete ban on import of wheat as the country is already producing a surplus for many years. Surplus wheat should not be left to rot but distributed among the poor at subsidised prices, it said.

The government has repeatedly increased regulatory duty on import of what to discourage imports which has not worked therefore a ban is advised, said ICST Patron Shahid Rasheed Butt.

He said that country has already surplus stock and all efforts to export it has backfired due to its high price, therefore, wheat imports should be banned, he said. Moreover, the new crop will be ready in few months putting financial pressure on the provincial and central government and add to the stock half of which is already lying in the open on the mercy of the weather.

The surplus stock could not be sold in the international market due to low prices despite the frequent extension of dates and upward revision in the export rebate, he noted. He said that high support price has increased production of wheat but its prices have remained the same since then which if reduced will increase consumption. Lower domestic prices will reduce pressure on stocks and provide relief to masses while easing pressure on the central bank, he said.