Gas pricing, sale pacts
The Government of Pakistan and Sui Southern Gas Company Limited (SSGC)
signed two agreements, namely, Gas Pricing Agreement (GPA) and Gas Sales Agreement (GSA),
with Messrs BHP Petroleum (Pakistan) Pty, Limited and their joint venture partners Premier
Exploration Pakistan Limited, Lasmo (MP) Limited and Government Holdings.
The agreements were signed by the Federal Secretary, Ministry of
Petroleum and Natural Resources, while Managing Director, SSGC and the Director General
(Petroleum Concessions) signed on behalf of SSGC and Government Holdings respectively.
The gas supplies from Zamzama field will be under the new gas price
package recently approved by the Government to facilitate the speedy development of the
new gas discoveries. The gas price is indexed to international oil prices (basket of crude
oils imported into Pakistan).
CCPIT, FPCCI sign MoU on trade
The Federation of Pakistan Chambers of Commerce and Industry (PFCCI)
and China Council for the Promotion of International Trade (CCPIT) have signed a
memorandum of understanding (MoU) for the promotion of bilateral trade between the two
The signing ceremony of MoU which took place on Tuesday at the Chinese
Consulate General office also envisages for the resolution of trade disputes through newly
formed "Pak-China Joint Business Resolving Committee."
Under the MoU both the countries will ensures easing of visa procedure,
controlling flow of illegal trade through Pak-China border, exchange of data on bilateral
trade statistics, export of potential items from Pakistan.
PVC resin imports halted
The imports of PVC resin have been virtually halted due to high duty
protection given to a leading multinational company, Pakistan Plastics Importers and
Traders Group said. In a representation to National Tariff Commission the group said about
60,000-70,000 metric tons of PVC resin were imported before the production of Engro Asahi
and Polymers and Chemical Limited started in December 1999.
Pakistan files case with WTO
Setting a precedent, Pakistan has filed a case with the Dispute
Settlement Board (DSB) of the World Trade Organisation (WTO) challenging the United States
decision of enforcing quota restriction on the import of combed yarn from Pakistan,
sources in the Ministry of Commerce told. A couple of months back Pakistan had engaged a
Swiss law firm, Frider Roessler, which had filed case with the DSB last month in Geneva
seeking justice from the high-powered body of the WTO.
The firm prepared a detailed draft of complaint in the light of
informations provided by the Ministry of Commerce and All Pakistan Textile Mills
Association and despatched it to Pakistan for formal approval before lodging complaint
The Dispute Settlement Board is expected to hold a meeting within this
month and during this meeting it would take up the issue of quota restriction on the
export of combed yarn from Pakistan to the United States.
Cotton sale bids
Cotton Trading Corporation will hold open bidding for the sale of
70,000 cotton bales on April 12, says TCP Chairman Javed Ashraf Hussain here Monday. He
said tenders will be received for 50,000 bales of Afzal and 20,000 bales of Elaka at 11
a.m and bidding will be held on the spot afterward.
Pakistan, China to expand trade ties
Pakistan and China on Saturday agreed to expand bilateral trade and
A Chinese delegation led by Ma Yue Vice, the chairman of China Council
for the Promotion of International Trade (CCPIT), met Finance Minister Shaukat Aziz and
discussed with him issues relating to the promotion of trade between the two countries.
The Chinese team is visiting Pakistan to have the first meeting of the
Pakistan-China Business Council which comprises members from the CCPIT and the Federation
of Pakistan Chambers of Commerce and Industry.
Official sources said that both sides decided to enhance cooperation in
all important fields, including trade and economy. China expressed willingness to transfer
technology for improving the performance of various organizations in Pakistan, including
the Pakistan Steel.
According to a handout issued after the meeting, the finance minister
briefed the head of the Chinese delegation about the challenges facing the economy and the
steps taken by the government to improve it.
He said the official policies would result in economic stability,
creation of employment opportunities and poverty reduction. The priority areas were
agriculture, small and medium enterprises development, petroleum, energy, and information
technology. He said the government was focusing on increasing exports to make the country
Another major area of reforms, the minister told the delegation, would
be restructuring of taxation system.
Mr Ma Yue appreciated the economic revival plan announced by the
government and hoped that it would help Pakistan achieve economic stability and growth.
Textile quota exports up
Textile quota exports rose by 12.6 per cent in value and by 11.32 per
cent in quantity during the first quarter of 2000-2001 compared with the same period of
last year. The growth in value and quantity was registered in exports to the USA, European
Union (EU), Canada and Turkey.
According to the provisional figures of export performance quota
released by the Export Promotion Bureau (EPB) the value of textile exports to the USA rose
by 20.35 per cent, to EU by 4.97 per cent, and to Turkey by 469.9 per cent. However, the
value of exports to Canada declined by 23.15 per cent. In terms of quantity quota exports
increased by 10 per cent in case of the USA, 6.20 per cent for EU and 517.25 for Turkey.