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TRADE

Nov 29, 1999

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

Pakistan to raise textile quota issue at WTO

Pakistan has worked out a comprehensive strategy to protect country's long-term economic interests at the forum of World Trade Organization (WTO) that included issue of quota restrictions mainly on its textile exports.

While departing for Seattle, USA, enroute to Karachi, Commerce Minister Abdul Razak Dawood said, "Our main concern is that WTO does not imperil our long-term economic interests."

"The major areas of concern are agriculture, industry, intellectual property rights, anti-dumping etc.," he said, adding, Pakistan will definitely take up the quota restrictions imposed by some developed countries, including the United States, mainly on its textile exports.

The developmg nations are working in close liaison to develop a consensus-backed strategy to defend their interests, he added.

In this respect, he said, they (developing countries) will be meeting two days ahead of the formal session of the WTO, to discuss plan that protects their economy in the face of "Openness" advocated by the developed countries.

Tender

Export Promotion Bureau (EPB) has received an international tender from Sri Lanka for the supply of 200 metric tons of low ash foundry coke, said an announcement here Thursday. The last date for the tender is December 10, 1999.

EPB seminar

The Export Promotion Bureau (EPB) will organize a day long seminar on the new version of International Commercial Terms (Incoterms) at a local hotel on Dec 1. The terms issued by the ICC will be effective from Jan 1 next year.

0.3m tons of fertilizer imported

Pakistan has imported 0.3 million tons of fertilizer to meet requirements of rabi season and to avoid shortage of the commodity as it happened in '98 which led to decrease in wheat production.

Official sources predicted that the government may oblige to import more fertilizer due to cotton crises which has greatly delayed the wheat sowing in the country.

Sources said presently the five ships carrying fertilizers are being off-loaded at the Karachi port and will soon be transported to the different places in the country.

Quality control in meat stressed

Export Promotion Bureau (EPB) has advised exporters of meat to adhere to strict quality control in the export of meat to save the country's image and avoid ban from Gulf countries.

EPB sources said here on Wednesday that complaints have been received from Middle Eastern countries that some unscrupulous exporters had despatched sub-standard meat without quality check and fraudulent certificates.

The export of animal and meat stood at a meagre 2 million dollars during 1997-98.

0.5m tons of wheat to be imported

Pakistan will import 0.5 million tons of wheat from Australia under GSM102 credit facility to meet its local production shortfall.

The wheat would be supplied at the rate of $ 127 per ton, sources said, adding that the government had already imported 0.6 million tons of wheat.

Earlier, they said, the ministry of food, agriculture and livestock in a summary to Chief Executive General Pervez Musharraf had requested him to allow import of 1.75 million tons of wheat immediately to meet growing requirements in the country. But the finance ministry strongly opposed import of such a huge quantity of wheat on the grounds that funds were not available, the sources added. The chief executive, therefore, allowed the import of only 0.5 million tons of wheat for the time being, the sources said.

The sources said Pakistan planned to import total 2. 2.5 million tons of wheat worth $ 240 million during 1999-2000 to meet its requirements in the harvesting of fresh crop in May/June 2000.

They said the present total wheat shortfall had been estimated at 3 million tons against earlier estimate of 1.75 million tons.

Belgian firm buying readymade garments

A Belgian firm Cotton Group has been buying Pakistani readymade garments for reexport to countries in European Union and East Europe.

Branch Director Assistant Pierre Scmitz told newsmen here Monday that his group set up a liaison office in Karachi early this year to increase the purchase of garments from Pakistan for European market.

"We are buying readymade garments from 40 units located in various parts of Karachi including Korangi, SITE, Nazimabad, etc." he said.

Foreign investors net sellers at KSE

Foreign investors remained net sellers at the Karachi Stock Exchange during the month of October, when they sold twice as many shares as they purchased, figures received by the Exchange from its members up to November 10, revealed.

A total of 10.348 million shares valued at Rs 226.985 million were noted to have been purchased by the foreign investors during October.

Compared to that, the number of shares sold stood 107% higher at 21.332 million in terms of quantity and 81% in terms of value at Rs 410.623 million.

Analysts said the overseas investor moved in sympathy with the overall bearish market sentiment

During the month, the KSE index of 100 shares had shed about one per centage point to close at 1189.33. During twenty days of trading in October, market capitalisation also decreased 0.7% to Rs 322.8bn.

.5pc sulphur content HSD import at extra $48m questioned

The government plan to import HSD or gas oil, 40 percent constituent of total petroleum import, containing minimal sulphur would cost an additional 48 million dollars (Rs. 2 5 billion) on yearly basis. Causing the trade gap to expand.

The ministry of petroleum and natural resources has floated a tender in Singapore for buying containing lower than 0.5 percent sulphur gas oil for the first time, in its quarterly tender.

The tender has sought supply of about 420,000 tonnes diesel containing 0.5 percent sulphur for delivery between January and March 2000, instead of its usual 1.0 percent diesel requirement.