Iran agrees to buy wheat
Pakistan has changed its wheat export policy after
Afghanistan refused to import the commodity on a
Sources said that now the wheat would be exported to
Iran which, in a major development, accepted the samples sent to Tehran
for "technical analysis".
Pakistan's recent sale of 1 million ton wheat to two
private parties encouraged Kabul to turn down Islamabad's sale proposal
as, according to sources, private contractors had indicated that they
would sell the commodity in Afghanistan.
Tehran informed Islamabad that its annual wheat
requirement was 5 million tons and inquired how much quantity Pakistan
could export to Iran during 2000.
Iran's Government Trading Corporation (GTC) informed
the Pakistan government through a fax on Aug 12, that "we have been
advised by our lab that the analysis result of wheat samples provided by
Pakistan are satisfactory".
The commercial consular to Iran, Khalid Idrees, also
faxed a message to the ministry of commerce, saying the Iranian
government had formally informed that the samples of Pakistan wheat were
acceptable. He stressed the need for sending immediately a formal offer
of wheat sale to the GTC, said an official.
In reply to a question, the official said that Kabul
was not ready to buy the commodity at the rate of Rs9,000 per ton as
offered by Pakistan. Kabul wanted it Rs 8,000 per ton. The Afghan offer
did not suit Pakistan as it did not cover incidental charges of wheat.
A delegation of the Kabul government was due in
Islamabad early this month to negotiate the deal. In the meantime,
Islamabad signed contracts for the export of 1 million tons to
Afghanistan with two private parties.
Imports fail to stabilize sugar prices
Pakistan has imported around 200,000-250,000 metric
tons of sugar during the last three months, but the frequent imports
failed to stabilize prices which are rising consistently.
According to a daily market report of ministry of
food, agriculture and livestock, the average wholesale market price of
sugar surged to Rs1,349 per 50kg in Lahore on Wednesday as compared to
Rs1,301 three days back, while in Peshawar it is now quoted at Rs1,330
per 50kg bag as against Rs1,302.
Importers say that at retail level it is selling at
Rs27.50-28.00 per kg in Punjab.
TCP okays foreign bidding
Trading Corporation of Pakistan on Wednesday approved
three offers from foreign buyers for 30,000 bales of various varieties.
TCP chairman Fazlur Rehman said the Price Evaluation
Committee approved the offers of Rally Brothers for the sale of 5,000
bales of Afzal-type at the rate of 46.55 cents per pound.
For Elaka, Paul Rhein Hart quoted a price of 44.70
cents per pound for 15,000 bales and Rally Brothers offered 43.70 cents
for 10,000 bales of Adnas.
Rehman said the nine international merchants from
USA, UK, Germany, Italy and Switzerland participated in the bidding.
The Corporation had floated one international tender
for the export of 30,000 cotton bales last week.
Pakistan pavilion in Hanover
Pakistan Pavilion is attracting crowd of foreign
investors at international Expo-2000 in Hanover, Germany. According to a
message received on Tuesday from Germany, former Zonal Chairman and Vice
President, Federation of Pakistan Chambers of Commerce and Industries,
Iftikhar Ali Malik who is currently visiting the expo said that four
companies of Pakistan have set up their stalls in the pavilion
comprising an area of 720 square meters. Foreign investors are taking
keen interest in Pakistani top quality products especially in marble,
copper, leather garments and wooden items. Expo which commenced on June
1 will continue till Oct 31.
ST refund allowed to textile exporters
Operation of tax rules have been suspended to allow
textile exporters avail themselves of sales tax refunds on exports up to
Sept 30, 2000, without submitting invoices on all imported items they
purchase for use in the export manufacture.
The Central Board of Revenue has directed all 12
sales tax collectorates in the country not to enforce these rules
announced last month banning payment of refunds to textile exporters
failing to produce invoices on goods (make/quantity/nature) which have
been used in manufacture and against which refunds are claimed. This
clause was announced by the CBR last month terming it "long overdue
and most effective deterrent against frauds in availing sales tax
refunds". The clause is called "same-state-goods invoice for
refund-claim", which has now been rendered inoperative.
Duty on palm kernel oil imports
Import Duty rate on palm kernel oil is being reduced
from 35% to 10%, on the recommendation of the Tariff Anomaly Committee.
The duty was increased in the Finance Ordinance 2000,
which is being amended, say informed sources. The CBR has processed the
case and a draft amendment has been sent to Law and Justice Division.
The committee, in its note to the CBR, has said: "it has been found
that reduction of duty on crude palm kernel oil was recommended by
another committee. The recommendation for reducing it to 10% does not
appear to be implemented. It is therefore recommended that the rate of
duty on the item be reduced from 35% to 10%".
Japan ready to lift ban
Japan has expressed its readiness to lift ban on the
import of fresh mangoes from Pakistan on the condition of measures to
prevent invasion of Oriental Fruit Flies at the time of shipment.
Japan banned import of fresh mangoes from Pakistan
after reports of fruit flies attack on the consignments at the time of
shipment at Karachi port. Official sources told on Thursday that in this
regard, Japan has provided technical guidelines for efficient planning.