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August 09, 1999

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade

Turkey offers free trade zone for export to Europe

Turkish investors are keenly interested in setting up joint ventures in milk, cheese, sweets and fruit processing in Pakistan.

This was stated by Turkish Charges d'Affaires Funda Tezok in a meeting with Lahore Chamber of Commerce and Industry president Pervez Hanif here on Thursday.

Tezok said Pakistani businessmen could use the storage and processing facilities in the Turkish free trade zones to export their products to Europe.

He agreed that the two countries should establish direct trade route to promote existing trade of Rs3.5 billion. He said the route could be established through Iran provided the two governments made efforts in this direction.

Date Shows

Export Promotion Bureau (EPB) in collaboration with department of agriculture, government of Balochistan is organizing a "Date Show 99" on August 18-19 at Turbat. Minister for finance and commerce Ishaq Dar is expected to inaugurate the show.

Sugar mills refuse to sell stocks on ex-mill rates

The city wholesalers of sugar said that the mills were not ready to deliver stocks as per their demand at the present ex-mill rates and alleged that the reason was their desire to create artificial shortage in the market.

A number of wholesalers of Akbari Mandi said that at present the ex-mill rate of sugar is between Rs 1,915 to Rs 1,920 per 100-kg, but the mills were not ready to sell stocks at this rate.

209pc rise in net collection of sales tax

The Sales Tax department improved its July 1999 net collection at Rs 5.3 billion by 209.4 per cent against the collection in July 1998.

Central Board of Revenue tax collection statement on July 1999 finalized here on Wednesday said that the ST department made a gross collection of Rs 7.777 billion, paid a refund of Rs 2.455 billion and its net achievement for the month was Rs 5.322 billion, compared with the net collection of Rs 1.72 billion in July 1998.

0.15 million imported cotton bales to arrive by Oct: APTMA

Spinning industry has imported about half a million cotton bales since January. Another 150,000 or so bales are expected to arrive by October, the All Pakistan Textile Mills Association (APTMA) officials said on Wednesday.

Punjab APTMA chairman Abid Farooq told that most spinning mills would be closed down had they not imported cotton.

He said the spinners were forced to import cotton by ginners who had tried to cash in on short cotton crop in the country.

Move to lower MEP on onion

The ministry of commerce was expected to recommend to the Economic Coordination Committee (ECC) to decrease the minimum export price (MEP) of the onion to help the local exporters compete in the world market, sources said.

Official sources said commerce ministry had asked the ministry of food, agriculture and livestock and the Export Promotion Bureau (EPB) for comments on the issue so that the decision could be obtained at the earliest.

Cotton trade in 'turmoil'

The cotton trade is in turmoil after the new crop lint prices fell below the psychological barrier of Rs.2,000.00 per maund, brokers said.

The fall of the new crop below the resistance level did not suit any of the leading players including the spinners who are now repenting on their hasty action of importing foreign lint at much higher rates.

"Spinners have imported half a million of lint cotton at an average price of Rs.2,100.00 per maund during the last two months to make up the local crop shortfall little knowing that the local rates could fall to Rs.1,985.00, a net loss of Rs.115.00 per maund", said a leading broker.

The ruling price of lint cotton on the open market is now below the world rates and some of the exporters might be a bit happy after passing through a lean year.

0.12m tons potatoes to be exported this year

The Economic Coordination Committee of the cabinet (ECC) decided here on Monday not to increase the support price of potatoes for the year 1999-2000 and decided to maintain it at the level of last year of Rs 145 per 40 kg.

Informed sources said that the ECC, which was chaired by Minister for Finance and Commerce Ishaq Dar, was told that this year 1,20,000 metric tons of potatoes will be exported against 36,000 metric ton of last year.

The committee was also presented a report on the potato crop for the year 1998-99 and was informed that during the last year the crop has been excellent and the export of potato had also increased substantially.

It also reviewed the prices and availability of essential items in the country and noted that the price trend indicated a stability in general.

The committee noted that the prices of 12 out of 21 kitchen items either declined or remained stable during the week ending on July 24, 1999.

The kitchen items index as a whole registered a very nominal increase of 0.08% during the same week and the annualized increase in kitchen items index on week to week basis works out to be 2.32 per cent.

The meeting was informed that there was abundant supply of all essential commodities. The committee noted with satisfaction that the gram crop was in excess of the total consumption requirements.

The ECC was presented a report on the differential between farm gate and consumer prices of various agricultural commodities including onion, potatoes, tomatoes and pulses.

Re-export allowed

Import of exported goods for removal of defects for subsequent re-export has been allowed by the federal government here on Saturday.

A Customs General Order No 26, dated July 31,1999, says: The government of Pakistan has decided, in the Import Policy for 1999-2000 that goods produced or manufactured in Pakistan, which are returned after being exported by foreign buyers for removal of any processing or manufacturing defects, shall be allowed to be imported without payment of customs duties chargeable thereon, as these are only temporarily imported with a view to subsequent export.